Do the math: NYCs rent increase equals landlord losses and harms our housing

The data is indisputable: Adjusting for inflation, the New York City Rent Guidelines Board in Mayor Adams’ first three years has advanced rent adjustments that are more than twice as bad for rent-stabilized buildings as the rent adjustments advanced during the eight years under Bill de Blasio. Last month, the RGB voted to allow rent increases of up to 2.75% for one-year leases and 5.25% for two-year leases. That means under the Adams RGB, rent adjustments have averaged 1.4 percentage points below inflation over the past three years.Meanwhile, rent adjustments under de Blasio averaged 0.65 percentage points below inflation, according to the RGB’s calculations.So while rent increases have been authorized in each of the past three years, the net effect on older rent-stabilized buildings, which provide the majority of affordable housing in the city, has been worse.This data flies in the face of the narrative being pushed by Adams’ opponents, who have been shouting from the rooftops that the mayor is raising the rents.We understand the frustrations that come with inflation: Our members have seen the cost of everything associated with building maintenance go up dramatically in the past three years, while rent increases fail to keep pace. Data may take a back seat to vibes in this day and age, but the operators of the largest swath of affordable housing in New York City can’t run their buildings on vibes.If rents don’t increase with costs, maintenance is deferred — and buildings start to deteriorate.The inconvenient truth is that the Adams administration has accelerated the defunding of older rent-stabilized buildings that started under de Blasio.When rents were frozen in 2016, property owners weren’t happy — but their costs actually decreased that year, while inflation held slightly above zero.So the RGB was justified in taking that unprecedented step.Yet according to the data, the RGB’s June vote was much worse for property owners than the rent free...