00:00There are over 1 million rent-stabilized apartments in New York City.
00:03Have you ever wondered how those rents get raised and why?
00:06Well here's what you should know.
00:07Here in New York City, we have something called the Rent Guidelines Board.
00:10This board, it's not a game.
00:12It's how rents get decided for more than 2 million New Yorkers.
00:15I appointed six members of the Rent Guidelines Board earlier this year.
00:19They're an independent body that considers the evidence when they make their decision.
00:22This week, the RGB will start hearing from a range of experts, dig into the data, and
00:26begin forming their preliminary recommendation.
00:28They'll look at factors like cost of living, cost of operating housing, insurance, and
00:33interest rates.
00:33This process started today with their first report, which showed that buildings with rent-stabilized
00:37apartments saw their revenue increase by more than 6% last year.
00:41Then on May 7th, they'll vote on a range of possible changes to your rent.
00:45But that's only the first move.
00:48Now it's your turn.
00:49Soon the RGB will hold public hearings, and they want to hear from both tenants and landlords.
00:54If you're a tenant, it's important the RGB hears from you on how a rent hike, or lack
00:58thereof, would affect you.
00:59And if you're a landlord, the RGB wants to know the costs that go into owning or operating
01:03a rent-stabilized building, such as insurance, maintenance, or anything else.
01:08After that, they'll hold hearings across the city in June.
01:11And in a few weeks, they'll announce the dates and locations of these hearings at nyc.gov
01:14forward slash RGB.
01:16Lastly, early this summer, the RGB will release its official and binding rent adjustment for
01:21rent-stabilized units for next year.
01:22You probably know how I feel about what should happen to the rent, but this is a chance to
01:26have your voices heard by the people who make the final decision.
01:29Your turn, New York City.
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