With New York City rents rising to historic levels, the Rent Guidelines Board is facing unprecedented pressure to hold the line on the 40% of apartments that are rent regulated.
"The rent is already too high," said Emma Rehac, a rent-stabilized tenant.
The board heard from tenants like Rehac, who shares an apartment with two roommates in Upper Manhattan and spends 30% of her income on rent.
"Our landlords' incomes are not in crisis. It is our housing, our basic need for shelter that is in crisis," she said.
Mayor Zohran Mamdani made it a signature issue in his campaign, and later made good on his pledge to appoint half a dozen members of the nine-member board, insisting landlords can weather a rent freeze.
"Buildings with rent-stabilized apartments saw their revenue increase by more than 6% last year," Mamdani said in a video posted on his X account.
But the board also heard from landlords who are struggling with rising costs, like fuel oil and insurance.
"One thing we can say for sure: that trend is alarming," said Kenny Burgos of the New York Apartment Association. "Insurance has increased by well over 100% in the past five years."
"The war in Iran has dramatically increased our fuel costs," said a Washington Heights landlord, Jose Tur.
Tur owns a 45-unit building in Washington Heights. It was purchased in 1979 by his grandfather, who emigrated from Cuba. His profit margin is less than 10%.
When asked by Eyewitness News if he feels like he's fighting a losing battle, Tur said "yes."
"It definitely feels that way, right off the bat," he said. "I know, and it feels like we're the underdog and we have to fight every day for our interest."
Eyewitness News asked Rehac if she has any sense of how the final decision will play out.
"I hope that if they are very serious about addressing the affordability crisis in New York, they're going to decrease our rent, because the rent is already too damn high," she said.
The board will hold a preliminary vote in two weeks ahead of a final vote in June. Their decision, whatever it is, will take effect on October 1.
Last year, the board approved a 3% increase for one-year leases and a 4.5% increase for two-year leases during the Adams administration. Adams had unsuccessfully attempted to change the makeup of the board before those votes.
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