Tenant group pushes for rent freeze for NYC’s stabilized apartments
New York State Tenant Bloc launched in January to counter the real estate lobby. Photo courtesy of New York State Tenant Bloc
Tenant advocates are pushing for a rent freeze for New York City’s one million stabilized apartments as new data shows that landlords’ income has increased as renters continue to struggle with the rising cost of living. The Rent Guidelines Board officially kicked off its annual review of economic conditions for both landlords and tenants to determine adjustments for rent-stabilized apartments. In 2024, the board voted to raise rent for the third consecutive year.
According to a report released last month, the net operating income (NOI) for landlords across the city increased 12.1 percent between 2022 and 2023, the most recent data available, up from 10.4 percent the previous year. When adjusted for inflation, NOI rose 8 percent.
The report found NOI increased the most in core Manhattan, where it increased by 23.1 percent, and in Upper Manhattan by 10.7 percent. NOI also increased by 10.1 percent in Brooklyn, 11.4 percent in Queens, and 0.8 percent in the Bronx. It was down 5.8 percent on Staten Island.
On Thursday, the board released a study focused on housing affordability and tenant income, highlighting year-to-year changes affecting renters. The study found that cash assistance recipients increased by 16.2 percent, SNAP recipients increased by 3 percent, the unemployment rate rose to 5.3 percent, and average wages, when adjusted for inflation, decreased by 0.4 percent.
Homeless levels, including asylum seekers, rose 8.6 percent, and residential evictions increased to 13,711, or by 22.6 percent.
New York State Tenant Bloc launched this year as part of an organizing effort to support candidates promoting renter-friendly policy, particularly in the mayoral election.
In response to the RGB’s new income and affordability study, Cea Weaver, director of the group and its sister organization, Housing Justice for All, emphasized the need for a rent freeze.
“While landlord incomes rise, tenants are struggling to stay in their homes, put food on the table, and afford basic needs like medication,” Weaver said. “Many are falling into homelessness despite working full time. If mayoral candidates are serious about addressing our cost of living crisis, they must commit to freezing the rent.”
Three mayoral candidates have committed to freezing the rent if elected mayor: Assembly Member Zohran Mamdani, State Sen. Jessica Ramos, and former Assembly Member Michael Blake. According to the NYS Tenant Bloc, City Comptroller Brad Lander said he would support a freeze “if data supports it.”
Property owners are pushing back on data released by RGB related to net income. The New York Apartment Association said the data includes over 120,000 free-market units, distorting the data. As the Real Deal reported, the group also said the analysis “fails to break out inflation-adjusted data for properties outside of Core Manhattan and built before 1974.”
Last year, the board, whose members are appointed by the mayor, voted for rent hikes of 2.75 percent for one-year leases and 5.25 percent on two-year leases. The vote marked the third increase under Mayor Eric Adams. Under former Mayor Bill de Blasio, the board voted to freeze rent several times, with 1.5 percent for one-year leases being the highest increase approved during his tenure
There will be two more meetings ahead of a preliminary vote on the potential rate hikes on April 30. A final vote typically takes place in June.
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They advocate for rent freezes but not expense increases. Over last 11 years rents have increased appx 16% total but expenses such as utilities, insurance, and taxes have at least doubled.