May 6, 2020
The Real Estate Board of New York (REBNY) presented testimony Tuesday to the NYC Rent Guidelines Board (RGB) advocating for rent increase policies that are commensurate with property tax increases. REBNY noted that while the city has increased property taxes for rent-stabilized buildings by 23% over the past five years, rents in these properties have risen just 4.25%.
“Even before the coronavirus crisis, there were early warning signs that the housing market was in trouble,” said Paimaan Lodhi, SVP of policy and planning at REBNY. “Now more than ever, it is critical that the Rent Guidelines Board determine responsible increases in rent that correspond to continued increases in property taxes to keep New Yorkers safe and our economy moving.”
For 2020-2021, REBNY recommends a minimum of a 2.4% increase for one-year leases, commensurate with the weighted increase of expenses dedicated to property taxes.
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