Quinn says rent board caters to landlords

In response to the Rent
Guidelines Board’s proposed increase for stabilized rental units, City
Council Speaker Christine Quinn said the board has to “end its
longstanding practice of catering to landlords.” The board proposed increases of 2 percent to 4.5 percent for one-year leases and 4 percent to 7.5 percent for two-year leases. Quinn said last year’s
rent hike will cover the increasing operating expenses expected for
this year, and that according to the board’s 2009 income and expense
report, revenues have exceeded expenses to the extent that the average
monthly net operating income was 17.2 percent higher in 2007 than it was
in 1990, after adjusting for inflation. Quinn said that “landlords will
still make money if rents are frozen — they just won’t make it hand
over fist.”