June 16, 2026

FOR IMMEDIATE RELEASE:

NORWOOD, BRONX– On Saturday, June 13, 2026, the tenants of Tracey Towers (20 & 40 Mosholu Parkway South) and city, state, and federal elected officials that represent them, held a rally in staunch opposition to a proposed 30.59% over four years rent hike. The rent increase was proposed by RY Management earlier this year and is supported by Housing Preservation and Development (HPD), which contends that the development is three years delinquent on its mortgage and not covering current operating costs. Tenants and elected officials are fighting the increase for the city-run Mitchell-Lama development that was built in 1972 to provide affordable housing for middle-income New Yorkers. As opposed to the capped rental increases approved by the Rent Guidelines Board (RGB) each year for rent-stabilized housing, tenants of city-run Mitchell-Lamas are not afforded that same stability and predictability in rents.

Both buildings are in dire need of major capital repairs, including the elevators that are used by over 1,000 residents. An incident report obtained through the Fire Department of New York (FDNY) shows that there were 41 breakdowns in the past year, leaving tenants stuck roughly every nine days, requiring FDNY response.

Other capital needs include roof replacement, masonry pointing, and repairs to address flooding and leaks in the community room and individual apartments. HPD is allocating $36 million to carry out these repairs in four phases, beginning with the elevators, with capital funds coming from the NYC Council and the NYS Assembly.

HPD Commissioner Dina Levy visited Tracey Towers on Tuesday, June 3rd, where she addressed concerns directly with the tenants but stood by the rent hike, citing a three-year delinquency on the mortgage and no coverage of current operating costs. The Commissioner faced a room of roughly 100 residents who recently saw their rent skyrocket 22% over three years. The Commissioner promised to return to Tracey when Phase 1 of repairs begins.

“I am disgusted that my constituents are facing this severe rent hike,” said Council Member Eric Dinowitz. “Tracey Towers is a poster child for deferred investment and delayed intervention by the City, and years of missed mortgage payments and $36 million in repair needs did not happen overnight. Residents did not create this problem, but they are being asked to pay for it. When we talk about affordable housing, the conversation is almost always about creating new units, but rarely do we talk about preserving affordability for the people who already have housing. City-run Mitchell-Lamas like Tracey Towers have been providing affordable housing for generations, yet they are too often overlooked in our housing policy discussions. The “P” in HPD stands for Preservation. That means preserving buildings and affordability for the people who call them home.”

“Tracey Towers residents should not be forced to pay the price for years of deferred investment and mismanagement,” said Congressman Adriano Espaillat (NY-13). “A 30.59% rent increase is simply unacceptable for working families, seniors, and longtime residents who depend on this housing to remain affordable. That is why I am joining my colleagues in calling for greater transparency, accountability, and investment at Tracey Towers. We must preserve not only the buildings themselves, but also the affordability that generations of Bronx families have relied on. I will continue fighting to ensure residents are protected from unfair rent hikes and that the resources needed to address critical repairs come from public investment, not from placing an impossible burden on tenants.”

“Affordable housing is only truly affordable if the people who call it home can afford to stay there,” said Bronx Borough President Vanessa L. Gibson. “The residents and families of Tracey Towers have endured years of deferred maintenance, unreliable elevators, and ongoing quality-of-life challenges, and they should not be forced to shoulder the burden of problems they did not create. As we work to preserve and improve this development for future generations, we must also preserve the affordability that has allowed working families, seniors, and longtime residents to remain in our borough. I stand with the tenants of Tracey Towers and my colleagues in government in calling for transparency, accountability, and solutions that protect both the physical condition of these buildings and the financial stability of the people who live in them.”

“For far too long, the residents of Tracey Towers have suffered in silence—living in leaking apartments with broken elevators, unreliable heat, and inadequate hot water. Now, to add insult to injury, they face a staggering, nearly 30% rent increase due solely to the owners’ financial mismanagement. This is not just unjust; it’s an affront to their dignity and basic human rights,” said Assemblymember John Zaccaro, Jr. “While I’ve secured $10 million for critical repairs like new elevators and security upgrades, we must demand more action from the City. The tenants of Tracey Towers deserve not only safe and affordable housing but also the respect and stability that come with it. We will not stand idly by while their rights are trampled.”

“This rent hike asks residents to pay for years of neglect they had no part in causing,” said Jean Hill, Tenant Association President. “A 30 percent increase over four years is a burden being placed on the people who can least afford it. In addition, Tracey Towers faces $180,000 in Department of Buildings fines, which is already a huge cost to the generations of Bronx families who call the towers home. The City has an obligation to fix what it allowed to fall apart, not to pass the cost on to the residents who live here.”

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