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Most NYC stabilized tenants pay a third of income on housing, as panel mulls rent hike
By
David Brand
Published Apr 13, 2023
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Photo by Gabriele Holtermann-Gorden/Pacific Press/LightRocket via Getty Images
By
David Brand
Published Apr 13, 2023
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More than half of New York City’s 1 million rent-stabilized households spent about a third or more of their income on rent last year, as a rebounding local economy delivered mixed effects for tenants, according to a new city housing report released on Thursday.
The annual analysis by the city’s Rent Guidelines Board examined stagnant wages, rising employment and surging inflation data from 2022, when New York City’s economy continued to emerge from a pandemic-induced crisis. The nine-member board uses the figures, along with another report showing sizable cost increases for landlords in 2021, to determine rent increases for millions of New Yorkers.
The panel also examined data from the city’s most recent vacancy survey, which shows that more than half of tenants in stabilized apartments without housing assistance subsidies spend at least 32.2% of their income on rent — enough to be considered “rent-burdened” under federal guidelines. The median annual income for households in rent-stabilized apartments was around $47,000 last year, with median rents at $1,400 per month.
Meanwhile, homelessness surged to record levels in 2022, the data shows. Evictions spiked following a nearly two-year suspension of most removals, though the number lagged far behind pre-pandemic levels.
Tenant advocates and landlord groups pounced on the report to further their interests, calling on the board to either freeze rents amid rising inflation or jack them up to cover mounting owner expenses. But the figures are complicated by a one-year data gap between the Rent Guidelines Board report on landlord circumstances and the panel's report on tenant circumstances.
The Legal Aid Society, whose attorneys represent poor tenants in housing court, warned of a looming recession that could take a heavy toll on low-income tenants.
“There is simply no justification to support any rent increase on some of our most vulnerable neighbors,” the organization said in a statement following the report's release.
The Community Housing Improvement Program, a rent-stabilized landlord group, countered that an improving economy and strong tenant protections justify a rent increase. CHIP Executive Director Jay Martin pointed to a previous report from the Rent Guidelines Board showing rising costs and diminishing revenue for owners, even before factoring in mortgage costs.
“The RGB needs to consider the city’s recovery and set reasonable rent adjustments to ensure tenants continue to have available quality housing,” Martin said.
The Rent Guidelines Board meets for a series of public hearings to receive feedback from tenants and property owners before a binding vote in June.
Last year, the panel voted to raise rents by 3.25% on one-year leases. The board now has three new members appointed by Mayor Eric Adams, including its chair, Nestor Davidson.
The next public hearing is set for April 20 in Manhattan.
Tagged
new york city
economy
housing
eric adams
David Brand
David is a reporter covering housing for Gothamist and WNYC. Got a tip? Email [email protected] or Signal 908-310-3960.
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