Hello, my name is Lacey Tauber and I’m here to testify on behalf of Brooklyn Borough President Antonio Reynoso, in turn on behalf of Brooklyn tenants.
In this borough, it is increasingly difficult to find an affordable apartment. And if you’re one of the lucky ones who live in a rent-regulated unit already, it’s hard to continue to afford it. New York City’s vacancy rate is the lowest it’s been since 1968. Fewer apartments are available across all rent levels, meaning it’s especially difficult right now for low- and moderate-income New Yorkers to find and secure housing.
Meanwhile, rents have increased more than 9% in the last two years and are continuing to go up; and the families who are leaving the city at the fastest rate are people of color who make between $32,000-$65,000/year, according to the New York Times. Those people would qualify for affordable housing at about 30-50% of the Area Median Income, but we’re not building nearly enough new affordable housing at those levels to meet the need. Meanwhile the Area Median Income for New York City has increased 30% since 2021, yet I think we would be hard pressed to find anyone in this room whose wages have increased 30% in that same amount of time.
The result is that almost 30% of Brooklynites are experiencing severe rent burden, meaning they pay over 50% of their household income on rent. I said this last year, and I’ll reiterate – we’re talking hundreds of thousands of people, including rent regulated tenants, just in this borough, choosing between paying rent and affording essentials.
For all these reasons, keeping rent-regulated units affordable is one of the most important tools we have to keep this city vibrant and diverse. Yet the board is considering a proposal that could put the total rent increase since 2020 at over 12% for one-year leases and almost 20% for twoyear leases. Again, we would be hard-pressed to find anyone whose wages have kept up with that kind of increase.
Borough President Reynoso is calling on the Board to reject the proposed rate increases and help ensure that Brooklynites can stay in the borough we love, raise their families here, and grow old here on a fixed income. His motto is that this should be a Brooklyn for All, and with your help, it can stay that way. Thank you.
