City Hall, NY – Speaker Adrienne Adams submitted testimony to the Rent Guidelines Board on its proposed range of rent increases for rent stabilized apartments ahead of its final vote on June 21, 2022. In her testimony, Speaker Adams urged the Board to adopt increases at the lowest end of its proposed range.
The Speaker’s testimony states:
“Allowing substantial increases in rent at this time would endanger far too many New Yorkers who are unable to pay these proposed rent increases. We cannot afford to plunge hundreds of thousands of rent-regulated New Yorkers into the chaos of a housing market that already does not have sufficient supply to meet demand, especially when our city is in the midst of demonstrating remarkable resilience in its recovery efforts. We cannot move forward if it means leaving our most vulnerable behind. Our residents should not be turned out of their homes as we take steps to make deeper investments in affordable housing and establish a robust, comprehensive housing strategy for our city. It is imperative that New Yorkers have the reassurance and security that they can continue to live in their homes so we can make space to discuss how to progress as a city. At the same time, we recognize that any decision by this Board must be in sync with a broader housing affordability strategy that involves all stakeholders, including homeowners and landlords. Therefore, I urge the Board to vote for rental increases at the lowest end of the range.”
Speaker Adams’ complete testimony is available here.