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REBNY Calls for Rent Policies to Keep Pace with Property Tax Hikes

The Real Estate Board of New York (REBNY) presented testimony Tuesday to the NYC Rent Guidelines Board (RGB) advocating for rent increase policies that are commensurate with property tax increases. REBNY noted that while the city has increased property taxes for rent-stabilized buildings by 23% over the past five years, rents in these properties have risen just 4.25%.

“Even before the coronavirus crisis, there were early warning signs that the housing market was in trouble,” said Paimaan Lodhi, SVP of policy and planning at REBNY. “Now more than ever, it is critical that the Rent Guidelines Board determine responsible increases in rent that correspond to continued increases in property taxes to keep New Yorkers safe and our economy moving.”

For 2020-2021, REBNY recommends a minimum of a 2.4% increase for one-year leases, commensurate with the weighted increase of expenses dedicated to property taxes.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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