"The very idea that they can make the right decision is a charade. The board can do only one thing: set an annual rent increase for the city's nearly 1 million rent-stabilized units."
"Regardless of how much data the rent board collects and how many hearings it holds, it cannot choose an appropriate rent increase. The world's most talented mechanic couldn't maintain a broken tricycle and the Space Shuttle with one turn of a wrench."
"Systemwide NOI is irrelevant, for two reasons. Imagine I argued that New Yorkers can afford high rents because their average household income last year was $128,247."
The Rent Guidelines Board is criticized for its inability to set appropriate rent increases for New York's diverse rent-stabilized units. Regardless of the board's composition or data collected, it can only impose a uniform rent increase, which fails to consider the varying financial situations of tenants. The board's recent data on net operating income is deemed irrelevant, as it does not reflect the true affordability challenges faced by many New Yorkers. The system is fundamentally flawed, likened to a mechanic unable to service vastly different vehicles with a single solution.
Read at therealdeal.com
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