The Rent Guidelines Board met for the first time this year yesterday. New appointees Christina Smyth (top row, middle) and Arpit Gupta (middle row, left) were present. Image Credit: NYC RGB.
On March 31, 2022, Mayor Eric Adams announced the appointment of two new members of the Rent Guidelines Board. The Rent Guidelines Board is responsible for establishing rent adjustments for apartments subject to the City’s rent stabilization law. Approximately one million apartments and homes are subject to this law.
The Rent Guidelines Board consists of nine members, who are all appointed by the mayor. Two members are appointed to represent tenant interests, two members represent owner interests, and five members are appointed to represent the interests of the general public.
Mayor Adams’ newest appointees, Arpit Gupta and Christina Smyth, Esq., were appointed ahead of the Rent Guidelines Board’s first meeting for 2022, which occurred yesterday. For more information about the Rent Guidelines Board and how to attend future meetings, click here.
Arpit Gupta was appointed as a representative of the public. He earned a Bachelors in mathematics from the University of Chicago and a Ph.D. in finance and economics from Columbia Business School. He is an assistant professor of finance at New York University Stern School of Business. His research focuses on the use of large datasets to understand default dynamics in real estate, household finance and corporate finance.
Christina Smyth, Esq. was appointed as a representative of owners. She earned her Bachelors in political science at Fordham University and her J.D. at St. John’s University School of Law. She is the founder and owner of Smyth Law PC, a real estate practice which represents multifamily residential building owners, management companies and operators across the city. She is an adjunct instructor at the New York University Real Estate Institute. She has been a member of the Real Estate Services Alliance since 2011.
Mayor Adams stated, “The Rent Guidelines Board is an essential component of our affordable housing infrastructure, and I am confident that my appointees today will be faithful stewards of the city’s rent stabilized housing stock. My administration is committed to making decisions based on data, and I know these two appointees share that commitment and will serve New Yorkers well in their respective roles.”
Arpit Gupta stated, “I am delighted to be appointed to the Rent Guidelines Board. The Rent Guidelines Board plays an important role in our city, and I am excited to help serve New York City. I have a strong commitment to keeping New York City affordable, while balancing the needs of all housing stakeholders.”
Christina Smyth stated, “Thank you, Mayor Adams, for this appointment to the Rent Guidelines Board. Affordable, high-quality housing is crucial for all New Yorkers. The Rent Guidelines Board recognizes this endeavor. I welcome the opportunity to serve with my fellow board members to achieve balance and equanimity for all housing stakeholders.”
By: Veronica Rose (Veronica is the CityLaw fellow and a New York Law School graduate, Class of 2018.)
My new lease is to begin on November 1, 2022. I am the oldest tenant (and longest in residency) in the building where I live. The building became a co-op in the 1980’s. Because of the rent regulated rent, I was able to work for 30 years in a mainly grant-funded program at St. Vincent’s Hospital on 11th Street. The program was initiated to in response to the question raised by a young MD in training: why were so many elderly showing up in the Emergency Room dead or moribund. The answer was that the Chelsea-Village neighborhood had many walk-up apartments and the elderly could not access needed medical care, were alone as children had moved away. I could walk to work, so didn’t have the expense of transportation.
This program grew and was known as the Chelsea-Village Program. We learned how to help these elders remain in their homes with basic services, with team caring teams of MD-RN-SW, Ultimately, the answer to the young doctor’s question led to the Nursing-Home-Without-Walls Program (LTTHCP). Now, the concept of support to help elders remain out of nursing homes and in their home for as long as safely possible is known statewide as NY Connects.
During the early years there were many struggles, political and financial, but we hung in. I came to St. Vincent’s as a committed community activist who fell into the job, and am grateful to have worked in St. Vincent’s for over 30 years to the day it closed. Never would I have been able to afford to do this work if I had not lived in my rent-regulated apartment down the street in the community that I loved.
Now I am terrified at the next round of rent increases which were really skewed a few years ago when the rate was made something like 9% and all flows from that. Not only is the prospect of the new rate on November 1 2022 frightening but I also face Con Edison”s new planned higher rates. My apartment is not filled with natural light and does need air conditioning for me to survive.
So, that’s the story of a woman who is 86 years old, single with no other family, who got this far and did much in the community where I live and love all because of rent regulations making it possible. I fear this new mayor as I do the new governor as both are in the hands of the real power, the real estate industry of New York.
Thank you for reading this, I am grateful for the opportunity to express my concerns.
Barbara Ruether
Daughter of An Irish Immigrant
Hopefully the two new appointees that the mayor has appointed will look at not only to keep affordability in New York but to be realistic that all housing is not funded by the city or grands afforded to everyone. Some of us here struggle to keep our properties also livable. We the landlord weren’t given funds or any money as the ERAP grants were given to the renters. We the landlords were not given a brake about mortgages in banks cause our tenants didn’t pay and how can we then pay.
We the landlords didn’t get a break on the taxes or water or light that we have to suppy to the tenants by law or get penalized for and we the small struggling landlords also couldn’t raise the rents to be able to pay, So where is the fairness to keep people in our private brownstones or 2 family homes or work the HDFC<S to be happy to there is affordable spaces. Tenants need to be responsible also. To keep their spaces in good conditions and to pay the rent when they get help to pay.
I have seen lots of tenants get the funds and mis use also work and go on vacations have cars clothes and then apply for ERAP or PA for assistance and get it. If tenants aren't responsible also it will always be a never-ending battle and to prove who is the one being irresponsible is almost impossible. The tenants always no matter what get protected and the underdog even when trying to help is always the underdog.
I myself am 0ver 70 and I believe in helping to keep people in their homes I do work affordable housing and in 26 years ding this have had 2 evictions. I try to keep people in their spaces but sometimes people are worse than animals.
No consideration for others, Neighbors are entitled to live well too. respect is part of the package to stay living in an apartment. It should be a reason to remove them too. We have neighbors all around and we all should respect.
Raising prices on everything how can we fix things if we don't collect rent? Affordability of affordable housing should be in either every every area or higher taxes should be charged in arrears that are not affordable to live in.
Sanitations and health crisis are everywhere, It should be there also put sanitation or a drug rehabilitation or a shelter in areas ALL AROUND NOT JUST POOR AREAS.
We should be mindful of everyone. STOP GIVING MONEY OUTSIDE OF NEW YORK AND HELP KEEP NEW YORK CLEANER AND HELP POOR HERE . PEOPLE CAN GO TO OTHER STATES.