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A majority of NYC’s rent-stabilized tenants spent over a third of income on housing last year

Image courtesy of edwardhblake on Flickr

April 14, 2023

A majority of NYC’s rent-stabilized tenants spent over a third of income on housing last year

By Aaron Ginsburg

Most of New York City's one million rent-stabilized tenants paid roughly a third or more of their income on rent in 2022, a new report found. According to the city's Rent Guideline Board's annual "Income and Affordability Study" released on Thursday, more than half of tenants in stabilized apartments spent at least 32.2 percent of their income on rent, as Gothamist first reported. Tenants who spend more than 30 percent of their income on rent are considered rent burdened, according to federal guidelines.
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Policy

Rent Guidelines Board set to approve biggest rent hike for NYC’s stabilized apartments in a decade

Photo by Emiliano Bar on Unsplash

May 6, 2022

Rent Guidelines Board set to approve biggest rent hike for NYC’s stabilized apartments in a decade

By Aaron Ginsburg

Millions of New Yorkers could soon be hit with the biggest rent hike in a decade. In a preliminary 5-4 vote on Thursday, the city's Rent Guidelines Board (RGB) voted to increase rents on stabilized apartments between 2 and 4 percent for one-year leases and between 4 and 6 percent for two-year leases. If approved, the rent hikes would be the largest since 2013 when there was a 4 percent increase for one-year leases and a 7.75 percent increase for two-year leases. A final decision by the board is expected in June.
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Policy

How to apply for New York’s new COVID-19 rent relief program

Via CityRealty

July 14, 2020

How to apply for New York’s new COVID-19 rent relief program

By Devin Gannon

Update 7/31/20: The deadline to apply for the rent relief program has been extended by one week to Thursday, August 6. A new rent relief program launched Tuesday that provides subsidies to eligible low-income New Yorkers financially affected by the coronavirus pandemic. First signed into law by Gov. Andrew Cuomo last month, the assistance program helps low-income households experiencing increased rent burden due to a loss of income because of COVID-19 by sending a one-time subsidy directly to landlords. The payment covers the difference between a household's rent burden on March 1 and the increase in rent burden for up to four months. Applicants must meet several eligibility requirements to qualify for the program.
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New law protects New Yorkers from eviction for unpaid rent during COVID-19

Photo by Avi Werde on Unsplash

July 1, 2020

New law protects New Yorkers from eviction for unpaid rent during COVID-19

By Devin Gannon

New York tenants cannot be evicted for any unpaid rent accrued during the coronavirus crisis, according to a law signed by Gov. Andrew Cuomo on Tuesday night. Sponsored by State Sens. Brad Hoylman and Liz Krueger and Assembly Member Jeffrey Dinowitz, the Tenant Safe Harbor Act protects renters who have not paid rent between March 7 and the to-be-determined date when their region fully reopens, as long as they can prove they experienced financial hardship during the COVID-19 crisis.
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Policy

NYC freezes rent for stabilized apartments

Photo by Goh Rhy Yan on Unsplash

June 18, 2020

NYC freezes rent for stabilized apartments

By Devin Gannon

The Rent Guidelines Board on Wednesday voted to freeze rents for one year for rent-regulated apartments, offering tenants temporary relief in the current economic recession caused by the coronavirus. The nine-member board approved a measure that freezes rent for one-year leases and for the first year of two-year leases, which can increase 1 percent during the second year.
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Policy

Cuomo extends New York eviction freeze through August 20, bans late fees

Photo by Anthony Fomin on Unsplash

May 7, 2020

Cuomo extends New York eviction freeze through August 20, bans late fees

By Devin Gannon

The moratorium on residential and commercial evictions will be extended statewide by 60 days until August 20, Gov. Andrew Cuomo announced on Thursday. Additional rent relief measures include a ban on fees for late-payments and allowing renters to use security deposits as payment. "I don't want to see people and their children being evicted at this time, through no fault of their own," the governor said during a press briefing.
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What you need to know about the May 1 rent strike

Photo by Avi Werde on Unsplash

April 30, 2020

What you need to know about the May 1 rent strike

By Devin Gannon

With more than a million New Yorkers out of work as a result of the coronavirus pandemic, many tenants will struggle to pay rent on Friday. Hoping to pressure Gov. Andrew Cuomo to cancel rent for the duration of the health crisis, a coalition of housing advocates is leading a statewide rent strike on May 1, with thousands of renters already pledging to skip payments. But landlords, who argue rental income pays for the growing costs of building maintenance, are fighting for relief themselves.
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New York tenant groups call for mass rent strike

Photo by Emiliano Bar on Unsplash

April 17, 2020

New York tenant groups call for mass rent strike

By Devin Gannon

A coalition of housing and tenant advocacy groups is calling for a statewide rent strike on May 1 with the goal of pressuring Gov. Andrew Cuomo to cancel rent for the duration of the coronavirus pandemic. Led by the Upstate Downstate Housing Alliance, the coordinated protest is seeking cancellation of rents for at least four months, a freeze on rent for every tenant, and a plan to house homeless New Yorkers.
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De Blasio urges state to act on NYC rent relief proposals

Photo by Daryan Shamkhali on Unsplash

April 13, 2020

De Blasio urges state to act on NYC rent relief proposals

By Devin Gannon

Mayor Bill de Blasio on Monday urged the state to act on a number of rent relief proposals amid the coronavirus pandemic, including a deferment of rents for tenants, the use of pre-paid security deposits in lieu of rent, and an extension of the current moratorium on evictions. The mayor has also called on the Rent Guidelines Board--the entity that determines yearly rent increases for the city's rent-stabilized units--to enact a rent freeze.
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Policy

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A third of U.S. renters didn’t pay rent on time, report says

Photo by Anthony Formin on Unsplash

April 9, 2020

A third of U.S. renters didn’t pay rent on time, report says

By Devin Gannon

Just 69 percent of apartment renters in the United States paid rent during the first week of April, according to a new report released this week by the National Multifamily Housing Council (NMHC). This a decrease of 12 percentage points compared to the percentage of households that paid rent last month. The data is one of the first looks at the impact of the coronavirus pandemic--which has put millions of Americans out of work-- on the housing market.
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Some NYC landlords are waiving rent payments amid the coronavirus pandemic

Photo by Josh Wilburne on Unsplash

April 6, 2020

Some NYC landlords are waiving rent payments amid the coronavirus pandemic

By Devin Gannon

Some New York City landlords are providing their tenants financial respite during the coronavirus pandemic by waiving or discounting rent. The sudden closure of much of the economy has resulted in the loss of income for millions of New Yorkers, a burden felt especially by the city's five million renters. One landlord who owns 18 buildings in Brooklyn suspended rent for the month of April for all of his tenants. Another is giving a Manhattan pizzeria owner three months of free rent as he continues to feed hospital workers at no charge.
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Lawmakers, advocates demand rent freeze for New Yorkers affected by coronavirus

Photo by Paulo O on Flickr

March 23, 2020

Lawmakers, advocates demand rent freeze for New Yorkers affected by coronavirus

By Devin Gannon

Evictions have been halted. Mortgage payments have been suspended. What about rents? New York renters, elected officials, and tenant advocacy groups are calling for a temporary rent freeze to provide financial relief to both workers and businesses impacted by the coronavirus outbreak. State Sen. Michael Gianaris, who represents parts of Queens, will introduce a measure on Monday that would suspend rent payments for 90 days for tenants and small businesses, as the Daily News first reported.
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Policy

NY senator proposes tax relief program for New Yorkers who spend over 30 percent of income on rent

Image via Pexels

October 15, 2019

NY senator proposes tax relief program for New Yorkers who spend over 30 percent of income on rent

By Michelle Cohen

State Sen. Brian Benjamin has proposed a bill that aims to give New York renters a much-needed break. The Harlem Democrat's bill is modeled after the federal version proposed by Sen. Kamala Harris and would entitle lower-income tenants to a refundable tax credit if their rent and utilities account for a significant portion–over 30 percent–of their income, the Daily News reports.
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A 10-minute walk to the subway could save you 10 percent on rent

Photo via Jeffrey Zeldman’s Flickr

February 15, 2018

A 10-minute walk to the subway could save you 10 percent on rent

By Devin Gannon

While amenities like on-site laundry and air conditioning are big selling points in New York City rentals, the building's proximity to the subway remains one of the most important factors when looking for new digs. And like other amenities, there is an added cost to live near the subway. New data from RentHop breaks down how much renters can save by living further from the subway in Manhattan, Brooklyn and Queens. According to their report, as Curbed NY reported, apartments closest to the subway cost 6 to 8 percent more than the borough median, with the furthest costing 8 to 10 percent less.
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April 7, 2017

How much do amenities impact rent prices in NYC?

By Devin Gannon

When looking for that perfect city abode, apartment hunters often create a list of must-have amenities that also fit within a budget. Now, thanks to Priceonomics and Renthop, you can determine which apartment features have the greatest impact on the overall rent. While the number of bedrooms and bathrooms drive up rent prices the most, the research found that having a doorman, an elevator, available parking and/or laundry-in-building most likely would increase the total rent. In a closer look at NYC, the data shows having a doorman creates the biggest increase of rent in the city, adding about $260 each month.
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February 16, 2016

My 1,640sqft: Inside Chef Devin Gaffney’s Rent-Stabilized Classic Six on Billionaires’ Row

By Diane Pham

Our ongoing series “My sqft” checks out the homes of 6sqft’s friends, family and fellow New Yorkers across all the boroughs. Our latest interior adventure brings us to chef Devin Gaffney's Central Park South home. Want to see your home featured here? Get in touch! Whenever 57th Street and the few blocks that cluster Central Park South make the news, headlines usually swirl around how there's a brand new multi-billion dollar tower on the rise or how a condo in One57 just broke some city record. But lest we forget, many mere mortals like ourselves still fill out the more elfin edifices surrounding these supertalls. One such resident is Devin Gaffney, a chef (he's whipped up dishes at Brooklyn's beloved Speedy Romeo and No. 7) who not only grew up in the area, but moved away, spent 10 years in Brooklyn, and then moved back to the island into the same apartment he called home during his formative years. Ahead, Devin takes us through his eclectic, art-filled (many works centuries-old) classic six in a 1913 construction built for musicians just a block from Carnegie Hall, a block from Central Park, and right smack in the middle of one of New York City's most coveted and most expensive areas.
Go inside Devin's home here

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