Most NYC stabilized tenants pay a third of income on housing, as panel mulls rent hike
“More than half of New York City’s 1 million rent-stabilized households spent about a third or more of their income on rent last year, as a rebounding local economy delivered mixed effects for tenants, according to a new city housing report released on Thursday. The annual analysis by the city’s Rent Guidelines Board examined stagnant wages, rising employment and surging inflation data from 2022, when New York City’s economy continued to emerge from a pandemic-induced crisis. The nine-member board uses the figures, along with another report showing sizable cost increases for landlords in 2021, to determine rent increases for millions of New Yorkers.”