Thursday, June 13, 2013

R3 REPORT SHOWS FUZZY RGB MATH


On the day of the final Rent Guidelines Board hearing at 49-51 Chambers Street, Real Rent Reform released a study that shows how faulty calculations of costs have caused rents and landlords' incomes to soar, and how rent stabilized tenants are facing the largest rent burdens in the history of the program.


Get the report here.

Among the findings:

  • Rent-stabilized tenants now pay nearly 35% of their income in rent – the highest rent burden ever recorded in our city’s history
  • From 2009 to the present, there have been $4.8 billion in rent increases while costs have increased by $2.9 billion, meaning landlords overall have received an extra $1.9 billion.
  • A major contributor to the dramatic increase in landlord income over the past several years has been the aggressive pattern of rent increases authorized by the Rent Guidelines Board
For more information, contact:



Michael McKee
(917) 669-2977
mmckee@tenantspac.org

Jaron Benjamin
(718) 864-3932
jaron@realrentreform.org