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.
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