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Surge in NYC Evictions

Surge in NYC Evictions

Real Estate News

New York City — Amidst ongoing debates over rent stabilization, New York City renters are experiencing significant financial strain, highlighted by a startling 195% surge in evictions, a recent study by the Rent Guidelines Board reveals.

Moreover, this increase comes as the city prepares for contentious discussions about potential rent hikes.

The study, which provides a snapshot of the economic hardships faced by renters in 2023, reports a 6.1% decrease in wages and a 13% rate of renters missing one or more rent payments. Additionally, there was a 9.5% rise in the number of individuals seeking assistance from city homeless shelters.

These findings have spurred housing advocates, including The Legal Aid Society, to demand a rent freeze for the two million tenants residing in rent-stabilized apartments across the city.

“With tenants at a tipping point, the prospect of any rent increase is untenable,” stated a representative from The Legal Aid Society.

Conversely, the financial outlook for landlords of rent-stabilized properties appears more favorable. Another report by the Rent Guidelines Board indicates that landlords’ net operating incomes rose by 10.4% between 2021 and 2022. This disparity between landlord gains and renter challenges adds fuel to the ongoing debate regarding rent adjustments.

The Rent Guidelines Board is scheduled to discuss these issues further in an upcoming public meeting on April 25, where both tenant and owner groups are expected to present their cases. Last year’s decision by the board to increase rents by 3.25% for one-year leases and 5% for two-year leases had sparked significant controversy and protest.

Critics argue that the studies may not fully capture the current challenges!

As a result, suggesting that the data could already be outdated. This contention is likely to be a major point of discussion as the board deliberates on whether to implement another rent hike this year.

The substantial increase in evictions also coincides with the expiration of a pandemic-related moratorium that prevented landlords from evicting tenants, which partly explains the dramatic rise in eviction rates.

As the city grapples with these complex issues, the outcome of the Rent Guidelines Board’s deliberations will significantly impact the lives of countless New Yorkers, both renters and property owners alike.

Surge in NYC Evictions