NEW YORK CITY—The rent is too darn low. That was the fact missed by the city’s Rent Guidelines Board in its recent ruling to allow annual multifamily rent increases to a historically low 1%. In the most recent episode of the Knakal News Network, Massey Knakal chairman Robert Knakal examines the factors the board overlooked, and gives his take overall on the possible repercussions.
In the video, Knakal explains:
- What has changed since 1984, when the old standards were put in place
- The board’s place in the affordability debate
- Why the board didn’t back Mayor Bill de Blasio’s proposed rent freeze
- The potential impacts on the city’s multifamily housing stock
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