“Can you describe the prices of rent in New York?” “High.” “Expensive.” “It got out of control.” “The rent here is crazy.” “Very, very unaffordable. Two are very – yes, very, very expensive.” Median rental requests in New York City have risen more than 7 percent in the past year alone. Now it's about $4,000 a month. That's made housing costs a key issue in the mayoral race, with each of the top candidates proposing changes to New York City's top housing policy: rent stabilization. Nearly half of New York City apartments are now rent stabilized, meaning rent increases are determined by a government agency controlled by the mayor. That makes rent stabilization a pressing issue for hundreds of thousands of voters. After leader Zoran Mamdani revealed how much he pays in rent – “$2,300 for my bedroom in Astoria.” — Rival Andrew Cuomo argued that he unfairly occupies an affordable apartment and doesn't qualify for rent stabilization because he makes $142,000 a year. “Rent-stabilized apartments, when empty, should only be rented to people who need affordable housing.” Many rent-stabilized tenants are low-income, but about 16 percent of rent-stabilized households earn at least $150,000 a year. If elected mayor, you'll only qualify for a rent-stabilized apartment if your rent is 30 percent or more of your income, Cuomo said. Let's say this couple is looking for an apartment. Their salaries are $35,000 and $45,000 per year. They find a rent-stabilized apartment for $2,000 a month. This is 30 percent of their income. So under Cuomo's plan, the couple would face less competition for that rental because anyone making more than them wouldn't be able to qualify for the apartment. Means testing is popular among voters. About 65 percent supported him in a recent Times-Siena poll. But critics say Cuomo's plan reflects the misconception that rent stabilization is an affordable housing program. In fact, it is a form of market regulation that has its roots in the post-war era. “After World War II, returning soldiers started families.” Rents are getting too damn high and the government is asking, 'Can we do anything about it?'” “Do you have a rent-controlled apartment? I suggest you stay there.” In fact, only about 1 percent of apartments today are rent controlled. Most are now covered by rent stabilization, which first became law in 1969. “It really was a widespread feeling that tenants needed the government to step in and kind of cap their rent increases. Rent stabilization was not designed to take into account tenant income at all. “Rent control was really put in place to say that when vacancy rates are so low, landlords can't use it as an opportunity to extort rent increases from tenants.” Today, rent stabilization applies to most apartments in buildings with at least six units built before 1974. This covers approximately one million apartments and two million New Yorkers. Rent increases are set by the Rent Guidelines Board, appointed by the mayor. “Then you are not entirely at the mercy of your landlord.” They can only go according to the increased interest rate that the Rent Guidelines Board decides.” Joan Grell is a tenants' rights advocate in the Bronx. She moved into a rent-stabilized apartment almost 25 years ago and still lives there. “I moved here back in 2002 with a 2-year-old and a 5-year-old, not knowing exactly how I would be able to be a single mother and afford to live in the city. Fast forward 23 years later, I raised my children here.” When she moved, her rent was about $950 a month. She had a moderate income, but if there was a means test, she would not have qualified for her unit. “When I moved here 23 years ago, it might have been 20 percent of my salary. So, if Cuomo's means-tested proposal had been in effect when I applied for this apartment, I never would have been able to get it.” She now spends more than 30 percent of her income on rent, which has risen to $1,750 a month. Grell plans to vote for Mamdani this election because she believes his rent freeze proposal will help struggling renters like her, and 69 percent of voters in a Times-Siena poll agreed. “My upstairs neighbor told me, 'If I get another raise, I won't be able to keep my apartment.' That's how serious it is.” David Reiss said Mamdani's rent freeze would help tenants in the short term, while Cuomo's means test would be an administrative nightmare that could make life difficult for many. Ultimately, however, he said none of these measures address the root cause of high prices: a shortage of apartments. Both mayoral candidates said they support building hundreds of thousands of apartments to address the housing shortage. “We need more housing, a lot more.” “Increase your inventory. Rents will go down.” But Reiss says neither candidate's plans will meet demand and don't take into account factors like population growth or apartment demolitions. “Politicians from President Trump to Andrew Cuomo to Zoran Mamdani have proposed policies to address housing affordability. But it might not just be what we do now, but a little better. Essentially, if you want to improve affordability, you need to build more housing.”
What’s Andrew Cuomo’s Plan to Help New York City Renters?
