An aerial view of apartment building in the High Bridge section or South Bronx section of the Bronx, NY as seen on June 27, 2024.first three years has advanced rent adjustments that are more than twice as bad for rent-stabilized buildings as the rent adjustments advanced during the eight years under Bill de Blasio. That means under the Adams RGB, rent adjustments have averaged 1.4 percentage points below inflation over the past three years.
This data flies in the face of the narrative being pushed by Adams’ opponents, who have been shouting from the rooftops that the mayor is raising the rents.With NYC’s affordable housing in crisis, rents must rise to keep buildings from going underWe understand the frustrations that come with inflation: Our members have seen the cost of everything associated with building maintenance go up dramatically in the past three years, while rent increases fail to keep pace.
From an owner’s perspective, balancing growing costs against revenues, this year’s increase is in effect a rent rollback. But the mayor’s rhetoric doesn’t pay the property taxes, insurance, water and sewer bills, or any of the mandated costs that the City Council has pushed onto property owners.