Liz’s Testimony to Rent Guidelines Board

Tuesday, July 5th, 2011

THE FOLLOWING IS TESTIMONY SUBMITTED BY SENATOR LIZ KRUEGER ON JUNE 20,2011 BEFORE THE NEW YORK CITY RENT GUIDELINES BOARD REGARDING PROPOSED RENT INCREASES

My name is Liz Krueger and I represent the 26th Senate District, which includes the Upper East Side, East Midtown, and Midtown areas of Manhattan.  I want to thank you for providing me with this opportunity to testify on the range of proposed rent increases for rent stabilized tenants: anywhere from 3% to 5.75% for one year leases and 6% to 9% for two year leases.  Even if the rent increases ultimately approved are at the low end of the proposed ranges, I have serious concerns about what this decision would mean for the more than 2.5 million low-, moderate- and middle-income rent stabilized residents of New York City who are already facing a crisis of affordability and the aftermath of the worst recession since the Great Depression.

Full Testimony