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    The New York City Council Testimony Submitted by Speaker Christine C. Quinn June 17, 2010

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    Eliot Brown / New York Observer
    Speaker Christine C. Quinn testified before the New York City Rent Guidelines Board, recommending a rent freeze to help New Yorkers still struggling financially from the recession. She noted that unemployment remains near record high levels in NYC and costs a quarter of their income for many. While some costs for landlords have risen minimally, a rent increase could mean many tenants cannot afford rent. She urged the smallest possible increase or a freeze to avoid overburdening tenants still facing economic hardship.

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    The New York City Council Testimony Submitted by Speaker Christine C. Quinn June 17, 2010

    Uploaded by

    Eliot Brown / New York Observer
    81 views4 pages
    Speaker Christine C. Quinn testified before the New York City Rent Guidelines Board, recommending a rent freeze to help New Yorkers still struggling financially from the recession. She noted that unemployment remains near record high levels in NYC and costs a quarter of their income for many. While some costs for landlords have risen minimally, a rent increase could mean many tenants cannot afford rent. She urged the smallest possible increase or a freeze to avoid overburdening tenants still facing economic hardship.

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    Speaker Christine C. Quinn testified before the New York City Rent Guidelines Board, recommending a rent freeze to help New Yorkers still struggling financially from the recession. She noted that unemployment remains near record high levels in NYC and costs a quarter of their income for many. While some costs for landlords have risen minimally, a rent increase could mean many tenants cannot afford rent. She urged the smallest possible increase or a freeze to avoid overburdening tenants still facing economic hardship.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    81 views4 pages

    The New York City Council Testimony Submitted by Speaker Christine C. Quinn June 17, 2010

    Uploaded by

    Eliot Brown / New York Observer
    Speaker Christine C. Quinn testified before the New York City Rent Guidelines Board, recommending a rent freeze to help New Yorkers still struggling financially from the recession. She noted that unemployment remains near record high levels in NYC and costs a quarter of their income for many. While some costs for landlords have risen minimally, a rent increase could mean many tenants cannot afford rent. She urged the smallest possible increase or a freeze to avoid overburdening tenants still facing economic hardship.

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    The New York City Council

    Testimony submitted by Speaker Christine C. Quinn


    June 17, 2010

    Thank you for having me here today and giving me an


    opportunity to speak about a problem that is plaguing so
    many New Yorkers.

    Last year, I asked the Rent Guidelines Board to consider


    the thousands of New Yorkers who were pulling
    themselves out of the recession and struggling to make
    ends meet.

    I strongly recommended that the Board implement a rent


    freeze, keeping these New Yorkers in mind.
    Even though we have made some progress this year, most
    New Yorkers are still feeling those same pressures.

    About 400,000 New Yorkers are still without a job right


    now.
    2

    Although the number of unemployed New Yorkers is for


    the first time in several months below 400,000, it is still
    near the all-time City high.

    Not to mention that our Citys unemployment rate is


    significantly higher than both the States and national rates.
    The latest figures show that more than 10 percent of New
    Yorkers are either still unemployed or looking for jobs.

    Combine those figures with the fact that New York City
    has one of the highest rental prices in the country and we,
    again, continue to face the same problem: forcing New
    Yorkers to live at an unsustainable level.

    A quarter of all of New Yorkers spend more than half of


    their income on rent.

    Although that number is, at this point, commonly known, I


    want you take a minute to think about that, and consider
    how ridiculous that is.

    I strongly recommend for this board to rule in favor of a


    rent freeze. Although it would be unprecedented here in the
    city, I want to note that the Westchester County RGB
    approved a rent freeze for one- and two-year leases.
    3

    Last year, the board passed a 3% increase and yet what


    might seem a small, insignificant raise could mean
    hundreds of New Yorkers not being able to pay their rent
    that month.

    Costs this year for landlords have increased minimally.


    According to the RGB report, the price index of operating
    costs saw the smallest increase in years.

    But if this board has to approve an increase, I recommend


    that it be the smallest increase possible.

    At least this way, if an increase has to be done, it would


    provide less of a burden on tenants while still adjusting
    reasonably for landlords.

    Finally, let me address the serious problem facing


    financially distressed rental buildings.

    Since the housing and financial crisis, overleveraged


    buildings have become a rampant and oppressive problem
    in our City.

    The City Council and HPD have formed a task force with
    advocates and experts to deal with this seeking solutions
    4

    to individual buildings and broad policy changes at the city,


    state, and federal level.

    HPD estimates that there are almost 5,000 buildings


    experiencing financial distress due to loans that are not
    supported by the rent rolls.

    And the Citizens Housing and Planning Council estimates


    that this could be affecting as many as 100,000 apartments.

    These buildings are in this situation due to speculation,


    pure and simple from BOTH landlords and banks.

    These reckless loans created by speculative owners should


    not be a consideration for the RGB in determining rent
    increases.

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