Rent board approves increases of 3 to 4.5 percent for rent-stabilized units
Herrick partner, Scott E. Mollen, spoke with Brick Underground about the Rent Guidelines Board ("RGB") approving an additional rent increase for New York City’s rent-stabilized apartments.
The article noted that Queens State Assembly member and NYC mayoral candidate, Zohran Mamdani, has pledged to freeze rent for all four years of his administration.
Mamdani’s promise to freeze has set off alarm bells in the real estate industry. Scott, who was also a former RGB chair under Mayor Ed Koch, told Brick Underground that Mamdani's pledge is a form of political pressure.
While board members are appointed by the mayor, "once they agree to accept the position, they are obligated to consider several factors that impact rent-stabilized housing," Scott said. "To tell a RGB board before they have carried out their statutory duties to vote to freeze rent is improper," he said.
During his role as RGB chair, "I never received any pressure or effort to reach a particular decision. No one in city hall tried to put their finger on their scale," Scott said.