In New York, Panel Backs Rent Increases for More Than 2 Million

The group of tenants with Ms. Garcia occasionally chanted, “We are rent burdened already,” and cheered for proposals to cut rents. But because it was held virtually, the hourlong meeting was relatively subdued.

Matt Murphy, the executive director of New York University’s Furman Center for Real Estate and Urban Policy, said the board must balance worries about affordability with the need to keep properties from slipping into disrepair.

“That’s a lot of pressure on them for them to find the right number in a way that probably didn’t exist in the last 10 years,” he said.

Property owners were hoping for a new approach from the board.

Landlords “really suffered” during the period of rent freezes, said Christopher Athineos, who with his family owns seven building totaling 125 apartments. Roughly half of the apartments, which are mostly in Bay Ridge and Park Slope in Brooklyn, are rent stabilized.

Mr. Athineos, who has attended these board meetings for decades, said some of his buildings are almost 100 years old and require constant maintenance.

One building in Bay Ridge requires routine facade repairs, he said, with a recent fix costing about $19,000 — up from $15,000 four years ago, when labor and materials were cheaper.

In another building nearby, Mr. Athineos said his annual fuel costs went from roughly $26,000 in 2020 to almost $40,000 in 2021. He said without an increase in the rent he is allowed to collect, he will likely continue to make patchwork fixes, like caulking a roof instead of replacing it.

“Ultimately, if they want to look more at tenant affordability, then the government should come in and compensate us for our costs,” he said.

Emma Fitzsimmons contributed reporting.