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The city’s Rent Guidelines Board on Thursday released a report recommending a rent hike for rent-stabilized apartments due to an increase in operating costs for landlords over the last 12 months. According to the agency’s 2022 Price Index of Operating Costs report, owners saw costs rise by 4.2 percent. Using three formulas, the board recommended an increase in rent of between 2.7 percent and 4.5 percent for one-year leases and between 4.3 percent and 9 percent for two-year leases. The suggested rent increase comes after the board voted to not raise rents for six months last year and fully freeze rents in 2020.

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Photo by Daryan Shamkhali on Unsplash

New York on Tuesday received an additional $119 million in rent-relief funds from the U.S. Treasury Department, a fraction of the $1.6 billion requested by Gov. Kathy Hochul in January. Hochul’s office estimated 8,500 pending applications for rent relief will be fulfilled with this new funding, as Crain’s reported.

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Streetview of 1214 Dean Street © 2022 Google Maps

Mayor Eric Adams and New York Attorney General Letitia James on Wednesday announced a $2.25 million settlement against Gennaro Brooks-Church and Loretta Gendville, who attempted to illegally evict tenants at their Brooklyn property during the pandemic in violation of the state’s moratorium, and reportedly ran an illegal hotel operation over the course of several years. By terms of the settlement, the property located at 1214 Dean Street in Crown Heights will be turned over to the city and transformed into affordable housing, with the previous owners paying $250,000 in fines.

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Photo by Jonathan Riley on Unsplash

Gov. Kathy Hochul announced on Thursday the state has requested an additional $1.6 billion from the United States Department of Treasury to help fund the state’s Emergency Rental Assistance program. Although $1.4 billion has been distributed to New Yorkers struggling to pay rent due to the coronavirus pandemic, there are nearly 174,000 tenants whose applications to the state’s program have not yet been fulfilled, according to the governor.

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In her first State of the State address Wednesday, Gov. Kathy Hochul announced a sweeping agenda that would address housing affordability, equity, and stability by growing the state’s affordable housing stock and expanding the housing supply. She also proposed a set of initiatives to address homelessness and housing instability. Hochul called the state’s housing needs “a complex challenge that requires an all-levers approach.”

See Hochul’s housing proposals