2022 Lease Renewal Rent Adjustments: The Process Has Begun
The city’s Rent Guidelines Board has begun meeting to decide on adjustments to rent-stabilized rents (that’s all of us) on lease renewals as of October 1. The final vote will be taken in June.
What’s different this year? We have a new mayor, who has just appointed two new members to the nine-member RGB, one an owner member and one a public member, Arpit Gupta.
An important vacancy: the second tenant member to speak for and defend the interests of all NYC rent-stabilized tenants.
Big question mark: how friendly Mayor Adams is to tenants, and how friendly the new public member will be. He's been quoted as saying he's a "little skeptical of rent control." The five public members generally vote as a bloc.
What we already know: landlords are crying poverty, despite keeping off the market an estimated 20,000 apartments (one industry estimate is as high as 70,000). They say they're willing to release the apartments if they can just charge a vacancy bonus (a percentage added to the rent when an apartment turns over)—exactly what was abolished by the 2019 housing law.
What we have to do: Tenants need to speak up, tell their stories, and fight for a fair adjustment to their rent—an adjustment does not have to mean an increase. It can be a freeze or a rollback.
The RGB schedule of meetings, including video of the March 31 meeting, and reports prepared by RGB staff are available. The Income and Expense Study has been published.
Thursday, April 14, at 9:45 a.m. the RGB will discuss the Price Index of Operating Costs and the Mortgage Survey Report.
Wednesday, April 20, at 9:45 a.m.: Income and Affordability Study
Tuesday, April 26, 9:45 a.m.–12:15 p.m.: invited testimony from owner groups
Tuesday, April 26, 1:00 p.m.–3:30 p.m.: invited testimony from tenant groups
Dates and deadlines for giving in-person or written testimony are still to be announced.
We encourage our neighbors to read the RGB reports: they’re not hard to understand, and important details appear in sidebars.
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