A rent increase in New York City is causing concerns that vulnerable renters may face homelessness, especially as eviction rates continue to rise nationwide, with some cities experiencing a surge of over 60% in eviction filings. The panel responsible for setting rent rates for rent stabilized apartments in New York recently approved a 3% hike for one-year contracts, similar to last year’s increase. However, even a 3% increase can have a significant impact on many individuals, according to Carl Gershenson, the head of Princeton University’s Eviction Lab.
Cities across the United States have witnessed significant rent hikes in recent years, leading to a surge in eviction filings, particularly in the South and Southwest where rent increases have been the highest. These rising costs of shelter can be attributed in part to record inflation and the expiration of eviction moratoriums and COVID-19-related rental assistance. The rent hikes pose a particular hardship for working single mothers, retirees, and individuals receiving disability payments from the government, as stated by Robert Desir, a staff attorney with New York’s Legal Aid Society who has been involved in the city’s rent stabilization law.
The combination of rent increases and rising eviction rates paints a challenging picture for vulnerable renters, making it increasingly difficult for them to secure affordable housing and potentially leading to homelessness.