At yesterday’s meeting of the senate housing committee, Catharine Young introduced S5084, a bill that would provide automatic yearly rent increases for tenants living in Mitchell-Lama housing in New York City. Furthermore, the bill would increase the surcharges paid by residents who are above the income threshold. Finally, the bill would increase the income limits for Mitchell-Lama tenants.
This is exactly what low-to-moderate income families don’t need — more competition from other, higher-income families applying for the same very limited supply of housing (where very long waiting lists are already the norm), while simultaneously making these apartments less affordable over time through yearly RGB increases. But this is an amazing deal for companies that own and operate these housing units, because they would get automatic rent increases without even asking for them, plus they would get extra surcharges to boot!
Senator Adriano Espaillat cast the single negative vote (3:13 in the video).