S
eparating fact from spin will be crucial for New Yorkers as they choose a successor to Mayor Eric Adams. However, those with expertise in real estate should find it relatively easy to cut through the noise. State Senator Jessica Ramos, a candidate known for opposing Mets owner Steve Cohen's casino-based redevelopment plan, recently tweeted about her rent-stabilized apartment: "13 years of being a rent stabilized tenant, my rent has never gone up as much as it has under Mayor Eric Adams." This phrase, coined by Jimmy McMillan, rings hollow when considering the actual numbers. Inflation was significantly higher during Ramos' three-year tenure under Adams than in her previous 10 years as a rent-stabilized tenant.

    Ramos is well aware that post-2020 inflation was a global phenomenon driven by supply shortages and other Covid-related issues, not by Mayor Adams or Senate Democrats like herself. What's more important is that anyone with basic economics knowledge understands that Ramos' real rent increase – adjusted for inflation – was lower than her nominal increase. Her tweet will deceive some voters, but others will see it as an insult to their intelligence.

    If Ramos were being honest, she would have tweeted about the inflation-adjusted change in her rent under Adams. However, she won't because her actual rent has decreased. Meanwhile, her wages have increased due to a 29% raise legislators gave themselves in 2022, making their $142,000 salary the highest among state legislatures nationwide.

    The Rent Guidelines Board must consider landlords' operating costs, which have risen faster than the Consumer Price Index. Even so, the board's rent increases have been lower than what building owners needed to keep pace with expenses. Ramos' tweet ignores both the math and reality of who is responsible for inflation. It also has poor optics, given that about half of tenants in private apartment buildings pay market-rate rents, which have increased more significantly.

    A reader responded to her tweet by saying, "I cannot believe a politician could complain about having rent-stabilized apt!!!!! If that pathetic increase is such a burden, move out!!!" The Hotel Association of New York City recently reached a compromise with the hotel workers union, and landlords can require tenants to purchase renters' insurance, including pet liability coverage.