The New York Apartment Association urged the Rent Guidelines Board on Apr. 24 to consider more flexible rent increase policies for the city’s rent-stabilized apartments, signaling a shift from previous demands for set percentage hikes.
This development comes as landlords face new challenges under current city leadership and evolving housing laws. The association’s softer approach reflects changing strategies as advocates respond to a mayoral administration that has shown support for freezing rents.
During Thursday’s meeting downtown, Kenny Burgos, CEO of the New York Apartment Association, presented two building scenarios: one pre-1973 property brought into stabilization without owner consent and another newer building voluntarily participating in exchange for tax benefits. “One of those buildings needs a meaningful rent adjustment,” Burgos told the board. “The other doesn’t.” He also acknowledged the ongoing affordability crisis affecting renters and noted that about 5,000 properties are believed by the association to be financially distressed—comparing their situation to thousands of burning buildings with only 100 firefighters available.
Burgos referenced promises from Mayor Zohran Mamdani’s administration to assist landlords with expenses, including an externally-managed insurance program funded by the city. However, he cautioned that such relief would take years: “That work matters and we support it. But those programs will take years to materialize,” Burgos said. “Owners can not fund repairs today based on promises of future relief.” He asked the board to consider setting different allowable rent increases based on building type—a departure from traditional practice where one rate is applied across all stabilized units.
Following Burgos’ remarks, representatives from Small Property Owners of New York shared personal accounts of financial strain among small landlords. Sophia Hepheastou described difficulties maintaining a century-old Bronx property where net operating income has declined: “Any freeze in this kind of category, because this is the epicenter of what’s going on, is going to negatively impact this housing stock,” Hepheastou said, “and ultimately the tenants that rely on this housing.”
As civil society groups and lenders call for a balanced approach after recent legislative changes restricting rent increases in stabilized units since 2019, observers await how the Rent Guidelines Board will respond to these appeals.
