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Agency Testimony

HPD on 2025 rent increases and Tracy Towers in context

New York City Council · Jul 15, 2026 · starts 0:14:03 · 22 sec

Phillips notes 37 developments saw average 29% increases in 2025, comparable to Tracy Towers' 30%, arguing Tracy is not exceptional and reflecting portfolio-wide challenges.

Adam Phillips

In 2025,

Adam Phillips

37 Mitchell-Lama developments saw rent or maintenance fee increases.

Adam Phillips

These saw an average 29% increase over multiple years, comparable to the 30% at Tracy Towers.

Adam Phillips

In this context, it becomes clear that Tracy Towers is not entirely exceptional.

Adam Phillips

The financial challenges facing it are similar to those facing the portfolio as a whole.