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.
