Rent Guidelines Board says buildings’ net income climbed by 6%
Advocates, start your engines. The race to a rent freeze has begun. The Rent Guidelines Board, which controls prices for rent-stabilized apartments, on Thursday released its annual report on landlord profits and expenses. This year’s Income and Expense Study found buildings’ net operating income — revenue after day-to-day expenses — increased 6.2 percent between 2023 and 2024 when adjusted for inflation. Adjusted for inflation, that’s about a 2.2 percent rise. But the rise in income wasn’t across the board. While net operating income rose 10 percent in core areas of Manhattan, it declined one-tenth of a percent in the Bronx. […]
This article originally appeared on The Real Deal. Click here to read the full story.
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