this post was submitted on 21 Jun 2023
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Housing Crisis

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Rents for 2 Million New Yorkers Set to Rise Again This Year (www.nytimes.com)
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But many landlords of rent-stabilized buildings are big companies. They include developers like Cammeby’s, Lefrak and L&M Development, who each have several thousands of rent-stabilized units in their portfolios, in addition to market-rate units. The companies either declined to comment or could not be reached.

John A. Crotty, founding member of the Workforce Housing Group, which has about 1,500 rent-stabilized homes in its portfolio, said increases were justified because during the tenure of the previous mayor, Bill de Blasio, the panel largely rejected major increases, placing landlords in a difficult position.

The 2021 survey found that one-third of New York City tenants spent more than half of their income on rent. For them, looming increases will force difficult choices about where else to cut back on spending.

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