Latest news with #RentGuidelinesBoard
New York Times
a day ago
- Business
- New York Times
Landlords Say They Don't Make Enough Money. Is That Really True?
Good morning. It's Friday. Today we'll look at why landlords say they're struggling, even though rents have gone up over time. We'll also look at an effort to make sure that everyone in New York is counted in the next census five years from now. It's a New York conundrum: Tenants complain that higher rents make the city impossible, while landlords complain that higher operating costs also make the city impossible. The Rent Guidelines Board, which has the power to raise rents for tenants in nearly a million rent‐stabilized units, could soon raise them on some of the city's most affordable apartments. The board voted 5 to 4 in April to support increases of between 1.75 and 4.75 percent on one-year leases and 4.75 and 7.75 percent on two-year leases. That vote was only preliminary. A final vote is scheduled for the end of the month. Still, some landlords say the financial picture is so bad that it reminds them of the 1970s, when owners abandoned thousands of buildings in low-income neighborhoods. I discussed the different perspectives with Mihir Zaveri, who covers housing in New York. Are landlords really hurting? They say they don't make enough money from rent to run their buildings, even though the Rent Guidelines Board has allowed rent increases of nearly 17 percent since 2014. Want all of The Times? Subscribe.
New York Times
3 days ago
- Business
- New York Times
Landlords Say They're Struggling. Rents Keep Going Up. What Gives?
The landlords of New York City's one million rent-stabilized apartments, an important source of affordable housing, often say they aren't making enough money from rent to run their buildings. Some claim the situation is now so bad that it reminds them of the 1970s, when real estate values plummeted and owners abandoned thousands of buildings in low-income neighborhoods. This is true, these landlords assert, even though a city panel has allowed them to increase their rents nearly 17 percent since 2014. The panel, the Rent Guidelines Board, is backing increases again this year, with a final vote expected later this month. So why does a report released by the board in March suggest that these landlords are actually doing pretty well? The report found that rent-stabilized landlords' net operating income — revenue from rent, minus costs — was up 12.1 percent. The apparent contradiction has become a major talking point in the city's mayoral race, in which affordability is a top issue and most of the Democratic candidates support a rent freeze. The decision of the panel, which is appointed by the mayor, can increase costs for some two million people. So who's right? Net operating income, or N.O.I., takes into account the revenue a landlord gets from both residents and businesses in the building, minus costs that include maintenance, fuel, insurance and labor. It does not factor in property taxes or debt payments. Still, the figure is one of the most important indicators of an apartment building's financial health. Banks, investors and government officials often look at N.O.I. to decide whether a landlord should receive loans or subsidies. Want all of The Times? Subscribe.
Yahoo
13-06-2025
- Politics
- Yahoo
De Blasio watches with glee as candidates attack Cuomo in NYC mayoral debate
NEW YORK — As mayoral hopefuls in Thursday night's Democratic primary debate landed sharp rejoinders against frontrunner Andrew Cuomo, one of the former governor's old foes broke out the popcorn. Former Mayor Bill de Blasio fired off a series ofgleeful postson X that reveled in the broadsides against Cuomo and lauded the performances of Comptroller Brad Lander, City Council Speaker Adrienne Adams and state Assemblymember Zohran Mamdani, the democratic socialist who is polling second behind Cuomo. 'Wow, @andrewcuomo is REALLY scared of @ZohranKMamdani! He's not even faking it…' de Blasio wrote. 'And Andrew is REALLY disrespecting all the New Yorkers who support Zohran.' City Comptroller Brad Lander was 'attacking consistently and really rattling Cuomo,' wrote de Blasio, who said the former governor's self-proclaimed executive experience consisted of harassing female employees and making decisions that resulted in the death of nursing home residents during Covid. The ex-mayor — who spent eight years being tormented by the former governor over issues as quotidian as how to euthanize a deer — called into question the governor's housing record, accused him of dodging a question about the Rent Guidelines Board and lampooned Cuomo's characterization of the subway as infested with crime. The former governor, of course, had responses for the attacks coming from the dais. He said a report that found he sexually harassed underlings — accusations he has denied — did not result in any criminal charges and was created to hurt him politically. He said his nursing home edicts were consistent with federal guidance during the height of Covid. He has cast the city as poorly run and falling into disrepair on account of the leadership of de Blasio and his successor, New York City Mayor Eric Adams. And he had sharp responses to Mamdani and others over their own legislative records and policies far to the left of his own. But de Blasio's sustained pile-on reinforced the acrimonious relationship between the two executives and appeared to be almost cathartic for the the former mayor. 'Is @andrewcuomo mimicking dialogue from the 1950's?' de Blasio wrote. 'I fully expect Gregory Peck or Jimmy Stewart to join him on stage.' Asked over text message Thursday night if he planned to make an endorsement, de Blasio took a much more laconic approach: "Nope."
Yahoo
13-06-2025
- Politics
- Yahoo
De Blasio watches with glee as candidates attack Cuomo in NYC mayoral debate
NEW YORK — As mayoral hopefuls in Thursday night's Democratic primary debate landed sharp rejoinders against frontrunner Andrew Cuomo, one of the former governor's old foes broke out the popcorn. Former Mayor Bill de Blasio fired off a series ofgleeful postson X that reveled in the broadsides against Cuomo and lauded the performances of Comptroller Brad Lander, City Council Speaker Adrienne Adams and state Assemblymember Zohran Mamdani, the democratic socialist who is polling second behind Cuomo. 'Wow, @andrewcuomo is REALLY scared of @ZohranKMamdani! He's not even faking it…' de Blasio wrote. 'And Andrew is REALLY disrespecting all the New Yorkers who support Zohran.' City Comptroller Brad Lander was 'attacking consistently and really rattling Cuomo,' wrote de Blasio, who said the former governor's self-proclaimed executive experience consisted of harassing female employees and making decisions that resulted in the death of nursing home residents during Covid. The ex-mayor — who spent eight years being tormented by the former governor over issues as quotidian as how to euthanize a deer — called into question the governor's housing record, accused him of dodging a question about the Rent Guidelines Board and lampooned Cuomo's characterization of the subway as infested with crime. The former governor, of course, had responses for the attacks coming from the dais. He said a report that found he sexually harassed underlings — accusations he has denied — did not result in any criminal charges and was created to hurt him politically. He said his nursing home edicts were consistent with federal guidance during the height of Covid. He has cast the city as poorly run and falling into disrepair on account of the leadership of de Blasio and his successor, New York City Mayor Eric Adams. And he had sharp responses to Mamdani and others over their own legislative records and policies far to the left of his own. But de Blasio's sustained pile-on reinforced the acrimonious relationship between the two executives and appeared to be almost cathartic for the the former mayor. 'Is @andrewcuomo mimicking dialogue from the 1950's?' de Blasio wrote. 'I fully expect Gregory Peck or Jimmy Stewart to join him on stage.' Asked over text message Thursday night if he planned to make an endorsement, de Blasio took a much more laconic approach: "Nope."
Politico
13-06-2025
- Politics
- Politico
De Blasio watches with glee as candidates attack Cuomo in NYC mayoral debate
NEW YORK — As mayoral hopefuls in Thursday night's Democratic primary debate landed sharp rejoinders against frontrunner Andrew Cuomo, one of the former governor's old foes broke out the popcorn. Former Mayor Bill de Blasio fired off a series ofgleeful postson X that reveled in the broadsides against Cuomo and lauded the performances of Comptroller Brad Lander, City Council Speaker Adrienne Adams and state Assemblymember Zohran Mamdani, the democratic socialist who is polling second behind Cuomo. 'Wow, @andrewcuomo is REALLY scared of @ZohranKMamdani! He's not even faking it…' de Blasio wrote. 'And Andrew is REALLY disrespecting all the New Yorkers who support Zohran.' City Comptroller Brad Lander was 'attacking consistently and really rattling Cuomo,' wrote de Blasio, who said the former governor's self-proclaimed executive experience consisted of harassing female employees and making decisions that resulted in the death of nursing home residents during Covid. The ex-mayor — who spent eight years being tormented by the former governor over issues as quotidian as how to euthanize a deer — called into question the governor's housing record, accused him of dodging a question about the Rent Guidelines Board and lampooned Cuomo's characterization of the subway as infested with crime. The former governor, of course, had responses for the attacks coming from the dais. He said a report that found he sexually harassed underlings — accusations he has denied — did not result in any criminal charges and was created to hurt him politically. He said his nursing home edicts were consistent with federal guidance during the height of Covid. He has cast the city as poorly run and falling into disrepair on account of the leadership of de Blasio and his successor, New York City Mayor Eric Adams. And he had sharp responses to Mamdani and others over their own legislative records and policies far to the left of his own. But de Blasio's sustained pile-on reinforced the acrimonious relationship between the two executives and appeared to be almost cathartic for the the former mayor. 'Is @andrewcuomo mimicking dialogue from the 1950's?' de Blasio wrote. 'I fully expect Gregory Peck or Jimmy Stewart to join him on stage.' Asked over text message Thursday night if he planned to make an endorsement, de Blasio took a much more laconic approach: 'Nope.'
