Good evening members of the Rent Guidelines Board. I am Brooklyn Borough President Antonio Reynoso, and I am here to speak on behalf of Brooklyn tenants.
There has been a lot of talk this year about data and making sure that the Board makes its decisions based on numbers. Borough President Reynoso agrees, that’s why our team has created a Comprehensive Plan for Brooklyn to guide all our office’s work. And we can confirm that the data shows it’s time for a rent freeze. Here’s a few relevant numbers:
- The majority of Brooklynites who rent are rent-burdened, meaning they pay more than 30% of their income toward rent. Worse, about 30% of Brooklyn renters are severely rent burdened, meaning they pay more than 50% of their income on rent. Meanwhile, median rents in the borough continue to rise.
- Housing vacancy in Brooklyn is at 1.27%, even lower than the citywide average of 1.41%, which is the lowest it’s been since the 1968, and much lower than what experts call a “healthy” vacancy rate – between 5-8%. This means it is increasingly difficult to find an apartment, let alone an affordable one.
- The cost of everything else is going up, too, making it even harder to afford rent. For example, about a quarter of Brooklynites, disproportionately low- and moderate-income folks, are energy-burdened, meaning they pay more than 6% of their income just to keep the lights and the gas on.
- These numbers have real consequences for our neighborhoods. 10% of Brooklyn’s Black community has left the borough since 2010.
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. The Board already acknowledged this by rolling back its planned increases for two-year leases. I am calling on the Board to go further – reject the proposed rate increases and implement a rent freeze. The Board’s own data shows that the landlords can handle it – despite increasing costs, their Net Operating Income continues to go up outside of a handful of neighborhoods.
Let’s give tenants a break this year and help ensure that Brooklynites can stay in the borough we love, raise our families, and grow old here without fear of displacement. Thank you.