Council Member Riley on 30% increases as systemic failure
Riley argues that if 30% increases are common across the portfolio, it demonstrates a systemic failure. Phillips agrees and points to J51 reauthorization and collaborative tools as solutions.
My last question is, you stated that Tracy Towers is not exceptional to this.
But respectfully, isn't that the problem?
Because if 30% increase are becoming a common across portfolios, that demonstrates a systematic failure that we have within our system.
So I think there are creative ways that we could think about improving this down the line, because I do think no one here believes that 30% increase in anything is something that's substantial.
Yeah, and we're happy to work together with folks to take a look at more creative ways to reduce operating expenses, right?
Like the reauthorization of J51 is a really good tool that we could use to layer into the 5% shelter rent tax to lower expenses.
So more collaboration on things like that would be great.
Thank you, Deputy Commissioner.
Thank you, Chair.
Thank you.
Banks followed by J.C.
Inches?