NYC Rent Guidelines Board Releases 2022 Income and Expense Study

At the end of March, the New York City Rent Guidelines Board released its 2022 Income and Expense Study, which reflects the significant impact of the COVID-19 pandemic on the NYC economy during the first year. The study’s findings reveal that from 2019 to 2020, Net Operating Income (revenue remaining after operating costs are paid) fell 7.8% for buildings containing rent stabilized units, representing the fourth decrease in the last 30 years. During the same period rental income decreased an average of 3.8%, total income declined an average of 4.6%, and operating costs fell an average of 2.8%.