A looming rent increase in New York City is poised to force the most vulnerable renters onto the streets at a time when eviction rates nationwide have been steadily rising, with the worst cities seeing eviction filings increase by more than 60%.
In New York â one of the countryâs most expensive housing markets â the panel that sets rent rates for rent stabilized apartments last week approved hikes of 3% for one-year contracts. Last year saw rent upped by a similar amount.
Rent increases anywhere lead to more poor people and struggling families being evicted and kicked out onto the streets, Carl Gershenson, the head of Princeton Universityâs Eviction Lab in New Jersey, told USA TODAY.
“Even 3% is going to hurt a substantial number of people,” he said…
