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Why These Affordable Homes Face a 31% Rent Increase
The New York Times • • nation
Key Points:
- A New York City panel is expected to approve a freeze on rents for nearly one million rent-stabilized apartments this week, providing relief for many tenants.
- Meanwhile, residents of Tracey Towers, a large affordable housing complex in the Bronx, face a potential rent increase of over 30% across four years due to a different housing program.
- This situation presents a political challenge for Mayor Zohran Mamdani, who had promised to freeze rents but has limited control over the Tracey Towers complex.
- Six elected officials, including City Council Speaker Julie Menin and Bronx Borough President Vanessa Gibson, urged Mayor Mamdani to use his authority to prevent or reduce the steep rent hike at Tracey Towers.
- The City Council is scheduled to hold a hearing on the Tracey Towers rent increase issue in July, amid tenant concerns about potential displacement.
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