NYC's Rent Guidelines Board walks back hike on stabilized apartments in rare revote
The Rent Guidelines Board on Tuesday scaled back its planned hikes on nearly 1 million rent-stabilized units — in a rare reversal that landlords said will leave New York City's aging buildings in disrepair.
The board's re-vote shaved down the proposed range of increases for two-year leases to 3.75% to 7.75%, down from the minimum of 4.75% that it passed last month.
Rent increases for one-year leases will stay the same at a range of 1.75% to 4.75%.
Ann Korchak, president of the Small Property Owners of New York, said she had pushed for at least a 6.3% increase on rent-stabilized units.
'The RGB process is intended to be based on the math,' Korchak said, calling on the city to freeze property taxes and utility costs to help landlords stay afloat.
3 Landlords who own rent stabilized buildings want the government to help them out with other costs if the minimum rent increase is not at least 6.3 percent, Korchak said.
Getty Images
The nine-member board, which has greenlit 9% in rent increases over the last three years, will finalize the rates June 25.
Mayor Eric Adams, who appointed most of the board's current members, had called the old proposed increase 'far too high' and urged balance.
'New Yorkers are hurting. I've been very clear we need a balance,' Hizzoner said at an unrelated press conference Tuesday.
3 Raucous protestors during the last Rent Guidelines Board meeting May 15.
X/Brad Lander
The Legal Aid Society slammed any increase as 'reckless,' arguing that landlords are already seeing strong returns.
3 Tenants rights groups think the rent increases are still too high and want to see a full rent freeze.
Helayne Seidman
'In the weeks ahead, we urge the Board to listen to tenants, hear their concerns, and recognize how reckless it would be to raise rents on poor and working-class households in these unprecedented times,' the group said in a statement.
The board has two owner representatives, two tenant representatives and five public members.
Any approved hikes would affect rent-stabilized leases starting on or after Oct. 1.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNET
35 minutes ago
- CNET
ChatGPT Built a Budget for Me ASAP, but It Has Several Limitations
ChatGPT can help you set budget categories, spending limits and savings goals. But it still leaves much to be desired. Getty Images/Zooey Liao/CNET Artificial intelligence can help you manage your money in lots of different ways. It can show you how to cut grocery costs, save for a vacation and even negotiate your bills. But just because it can doesn't necessarily mean it succeeds. And with something as important as your finances, it's essential to know where it falls short. Last year, I asked ChatGPT to help me create a budget, a task that can be tedious and overwhelming. It was useful in some ways, but not so great in others. I tried the experiment again this year, and while I noticed minor improvements -- mainly that icons and improved formatting made the answers more visually appealing -- the overall result was still mixed. Here's how it went. Read more: How to Create and Master Your 2025 Budget Building a budget with ChatGPT These are the steps I took to test ChatGPT's budget-making abilities. 1. State your monthly income, expenses and savings goals To get started, you'll need to give ChatGPT your monthly financial numbers: take-home income, expenses and savings goals. I already have a budget I made using Rocket Money, so to see how ChatGPT builds a budget from scratch, I had it create one for a hypothetical person. My prompt: "My monthly income after taxes is $3,500. Each month, I spend $1,000 on rent, $15 on renters insurance, $100 on utilities, $300 on my car payment, $150 on car insurance, $100 on gas, $200 on my student loans, $40 on my phone bill, $300 on groceries, $100 on personal items and $100 on dining out. I'd also like to put some money toward savings." The result: Screenshot by Kelly Ernst/CNET ChatGPT ran the numbers and told me I'd have $1,095 left each month. I'd intentionally left my savings goals vague to see what ChatGPT would recommend. It suggested ways to allocate this amount toward savings, including building an emergency fund, contributing to retirement savings, paying down debt and making extra student loan payments. It also showed me how I could split my $1,095 between these savings buckets. 2. Clarify and adjust I'd also intentionally left some spending categories out of my initial prompt -- something someone creating a budget for the first time might easily do -- to see if ChatGPT would catch them. It didn't. So I asked it to help me. My prompt: "Have I missed any other common budget categories?" The result: Screenshot by Kelly Ernst/CNET ChatGPT generated a list of potential additions and asked if I wanted it to create a revised budget with placeholders for these categories. The revised budget, including estimates for savings goals and budget categories ChatGPT recommended adding, left me with $5 remaining. That's not a ton of wiggle room, but I could always ask the AI to tweak things to give me a bigger cushion. Pro tip To avoid forgetting expenses, review your bank and credit card statements from the past 12 months to spot your regular monthly, seasonal and annual expenses. 3. Import the data into a spreadsheet There are several ways to track your spending and monitor how well you're sticking to your budget, including budgeting apps and the old paper-and-pencil method. One easy -- and free -- method is to create a spreadsheet, which ChatGPT can also help you with. My prompt: "Create a Google spreadsheet for my budget." The result: ChatGPT created some code I could copy and paste into Google Sheets. Screenshot by Kelly Ernst/CNET It also provided instructions on how to format it. Screenshot by Kelly Ernst/CNET I followed these instructions, but all the data showed up in column A of the spreadsheet, and I couldn't figure out what to do next. I had to ask ChatGPT how to fix this. Screenshot by Kelly Ernst/CNET It was more work than I was hoping to do, and I still had to make some formatting changes to the spreadsheet so it was easier to read. But in the end, I did have a working budget I could adjust as needed. Pros and cons of creating a budget with ChatGPT Using ChatGPT to create a budget was fairly simple. It required some fine-tuning on my part, but overall, the AI's recommendations made sense and were easy to understand. That said, it's not for everyone, and it has its pitfalls. Here's what you should keep in mind. Pros It's free. ChatGPT doesn't cost anything, and neither does Google Sheets if you choose to move your budget numbers there. ChatGPT doesn't cost anything, and neither does Google Sheets if you choose to move your budget numbers there. You can keep it simple. ChatGPT's initial budget suggestions are basic, which can make budgeting more approachable if you're a beginner. You're free to dive deeper into any answer, but you can also use it to create a basic budget to get started. ChatGPT's initial budget suggestions are basic, which can make budgeting more approachable if you're a beginner. You're free to dive deeper into any answer, but you can also use it to create a basic budget to get started. It can help you customize your budget. ChatGPT can suggest everything from how to save on utilities to how much to put toward retirement at various ages. But you need to ask it to do so. It probably won't offer these tips unprompted. Cons Its answers are only as good as your prompts. If you don't word your prompts correctly or you provide incomplete or inaccurate information, ChatGPT's answers won't be as helpful as they could be. For instance, when I omitted some common budget categories, it identified them only when I asked it to. It didn't automatically alert me that I may have left something out. Many budgeting apps offer preset categories you can use as guidance. If you don't word your prompts correctly or you provide incomplete or inaccurate information, ChatGPT's answers won't be as helpful as they could be. For instance, when I omitted some common budget categories, it identified them only when I asked it to. It didn't automatically alert me that I may have left something out. Many budgeting apps offer preset categories you can use as guidance. It's more work on your part. Budgeting apps can import your bank account transactions, sort them into common categories and suggest monthly spending limits based on your past spending. With ChatGPT, you must enter your numbers yourself. And if you move your budget to a spreadsheet, you'll need to manually track each transaction and sort it into the right category, which can be tedious. Budgeting apps can import your bank account transactions, sort them into common categories and suggest monthly spending limits based on your past spending. With ChatGPT, you must enter your numbers yourself. And if you move your budget to a spreadsheet, you'll need to manually track each transaction and sort it into the right category, which can be tedious. It's not suitable for ongoing budget maintenance. ChatGPT can generate your budget, but it won't track your transactions. And if you want to adjust your budget categories, you'll need to do it manually on your spreadsheet or ask the bot to generate a new budget. (Thankfully, ChatGPT saves your previous chats if you're logged in, so you can ask it to tweak the information in your initial chat rather than having to enter everything all over again.) If you want ongoing help managing and maintaining your budget, you're better off with a budgeting app. ChatGPT can generate your budget, but it won't track your transactions. And if you want to adjust your budget categories, you'll need to do it manually on your spreadsheet or ask the bot to generate a new budget. (Thankfully, ChatGPT saves your previous chats if you're logged in, so you can ask it to tweak the information in your initial chat rather than having to enter everything all over again.) If you want ongoing help managing and maintaining your budget, you're better off with a budgeting app. Its answers may vary. I created a couple of budgets in ChatGPT to see how consistent its suggestions were, and its answers differed from chat to chat. If the initial answer ChatGPT gives you is confusing, seems incomplete or doesn't feel right to you, ask it to restate it. I created a couple of budgets in ChatGPT to see how consistent its suggestions were, and its answers differed from chat to chat. If the initial answer ChatGPT gives you is confusing, seems incomplete or doesn't feel right to you, ask it to restate it. Your information is not confidential. Anything you tell ChatGPT could be used to train the AI model, which means it could become publicly available. In addition, ChatGPT is susceptible to hackers and information leaks and doesn't have the security measures you'll find with reputable budgeting apps. You can disable chat history to prevent your info from being used to train the bot, but OpenAI still saves it for up to 30 days. Pro tip Don't give ChatGPT any sensitive financial details, such as your Social Security number or bank account number. If you wouldn't want to see certain personal information published online, don't enter it into your prompts. Tips for using ChatGPT to build a budget AI is powerful, but you need to know how to use it for the best results. Here are some best practices for creating a budget with ChatGPT. Double-check everything. Make sure your prompts have the correct information and that ChatGPT's answers make sense. Do the numbers add up? Do the recommendations seem reasonable? A quick Google search of your question can help you compare ChatGPT's advice against reputable sources. Make sure your prompts have the correct information and that ChatGPT's answers make sense. Do the numbers add up? Do the recommendations seem reasonable? A quick Google search of your question can help you compare ChatGPT's advice against reputable sources. Be specific. The more information the chatbot has, the more fitting its answers will be for your financial situation. Including details like your age, where you live and the hobbies you prioritize spending on can help it customize its recommendations. The more information the chatbot has, the more fitting its answers will be for your financial situation. Including details like your age, where you live and the hobbies you prioritize spending on can help it customize its recommendations. Clarify. Don't hesitate to ask ChatGPT to clarify or reword its answers. It doesn't always state information in a way that's easy to understand. Don't hesitate to ask ChatGPT to clarify or reword its answers. It doesn't always state information in a way that's easy to understand. Drill down. ChatGPT can not only help you create a budget; it can also help you stick to it. For instance, you can ask it how to reduce your phone bill, boost your income or free up more money for savings. ChatGPT can not only help you create a budget; it can also help you stick to it. For instance, you can ask it how to reduce your phone bill, boost your income or free up more money for savings. Adjust. Revisit your budget regularly to make sure it's still serving you well. If anything changes -- for example, you get a side hustle that brings in more income -- update your budget to reflect that. Verdict: Should you use ChatGPT to build a budget? While ChatGPT can help you create a budget, it has plenty of limitations, and there are easier and more effective ways to do it. If you're new to budgeting, simply Googling "basic budget" will give you lots of template ideas and tips. If you'd like more guidance, budgeting apps are designed to do a lot of the work for you and help you stick to your budget on an ongoing basis. That said, ChatGPT can help you with some of the basics you need as you tweak your budget, such as suggesting ways to trim common expenses and how much you should save each month for a particular savings goal. However, you should double-check any advice it gives you on more complex financial topics, such as how much you should put toward retirement for your personal situation. Rocket Money See at Rocket Money Perfect your 2024 budget with CNET's Editors' Choice budgeting app pick
Miami Herald
44 minutes ago
- Miami Herald
After Chapter 11 bankruptcy, fast-food chain faces liquidation
Chicken has become a major battleground in the fast food space. You have your dedicated chicken chains like KFC and Chick-fil-A, and there's also Popeye's, Zaxby's, Raising Cane's, and countless others devoted specifically to selling chicken. You also have McDonald's Burger King, and Wendy's, which have all made chicken, a major part of the menu. Related: Popular Latin American chain files bankruptcy, closes restaurants That makes it incredibly hard to break into the space. Maybe you can offer a better product but does that difference matter when so many other chains, with so many locations are your competition? In some ways, fried chicken has become like craft beer. There are a lot of people who are very passionate about it that want to enter the space, but it's nearly impossible to differentiate yourself. Trying to market your chicken chain as superior to others seems like a really challenging idea, That's exactly what Sticky's has tried to do boldly using the marketing line "the best damn chicken finger you have ever tasted." Don't miss the move: Subscribe to TheStreet's free daily newsletter The company tried to justify that boast on its website. "Sticky's was created out of a love for chicken fingers and the desire to think outside of the box. Our founders realized that there were a lot of New Yorkers who really loved chicken fingers but didn't have a great place to get them; and thus, Sticky's was born! Our mission is to create the best damn experience through the comfort of chicken fingers in a fun, inclusive space," it shared. Image source: Getty Images While it opened with noble intentions (or at least lofty goals), Sticky's was not able to deliver. The chain has been in Chapter 11 bankruptcy for almost a year. During its period of court protection, the company closed three locations and a ghost kitchen. At the time of its filing with U.S. Bankruptcy Court for the District of Delaware, the company reported $500,000-$1 million in assets and $1 to $10 million in liabilities, with the largest creditor being distributor U.S. Foods. It seemed in late-April that the chain had found a lifeline. More Food & Dining: Popular Mexican chain closing all restaurants, no bankruptcyIconic Warren Buffett candy store suddenly closing after 30 yearsWalmart's Sam's Club makes a Costco-style food court changePopular Trader Joe's wine brand has bad news, making harsh choice "Sticky's won a Delaware bankruptcy judge's tentative permission Tuesday to sign a contract to sell its assets to an investment fund for $2 million after surging poultry prices and New York City's congestion pricing program imperiled the company's Chapter 11 turnaround plan," Law360 reported on April 30. That court order is now under scrutiny which could lead to the company being liquidated. Harker Palmer Investors LLC tried to defend its offer in a June 3 court filing in the US Bankruptcy Court for the District of Delaware. The company sought to answer an objection from a Justice Department bankruptcy watchdog objection to the $2 million deal. It argued that the US Trustee's legal arguments are "unsupported" and that no creditors - including landlords and supplier US Foods - oppose the revised proposa," Bloomberg Law first reported. If the offer is not approved, Harker Palmer's lawyers argued, the fried chicken chain will have to be liquidated. "If the Modified Plan is not confirmed, conversion to Chapter 7 will follow resulting in no recovery to any creditors," the firm said in the filing. Chapter 7 would involve a trustee-supervised liquidation process. Related: Subway owner makes major billion-dollar fast food acquisition Sticky's, which has also faced a lawsuit over its name, built its business on the idea that it offers higher-quality chicken fingers than its rivals. "At Sticky's we use the finest ingredients, including fresh never frozen antibiotic-free chicken. We take great pride in what we do and what we serve. With a selection of over 18 sauces made in house, it is a labor of love. We believe this process is necessary to serve our customers 'The Best Damn Chicken,' it posted on its website. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
New York Post
2 hours ago
- New York Post
China eases stranglehold on rare minerals in welcome news for GM, Ford: report
China has granted temporary export licenses to rare-earth suppliers of the top three US automakers, two sources familiar with the matter said, as supply chain disruptions begin to surface from Beijing's export curbs on those materials. At least some of the licenses are valid for six months, the two sources said, declining to be named because the information is not public. It was not immediately clear what quantity or items are covered by the approval or whether the move signals China is preparing to ease the rare-earths licensing process, which industry groups say is cumbersome and has created a supply bottleneck. Advertisement On Thursday, President Trump and Chinese President Xi Jinping had a lengthy phone call to iron out trade differences. 3 China has granted temporary export licenses to rare-earth suppliers of the top three US automakers, sources said. GM cars, above. Getty Images Trump said in social-media post that 'there should no longer be any questions respecting the complexity of Rare Earth products.' Both sides said teams will meet again soon. Advertisement China's decision in April to restrict exports of a wide range of rare earths and related magnets has tripped up the supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world. China's dominance of the critical mineral industry, key to the green energy transition, is increasingly viewed as a key point of leverage for Beijing in its trade war with the US. China produces around 90% of the world's rare earths, and auto industry representatives have warned of increasing threats to production due to their dependency on it for those parts. Advertisement Suppliers of three big US automakers, General Motors, Ford and Jeep-maker Stellantis got clearance for some rare earth export licenses on Monday, one of the two sources said. GM and Ford each declined to comment. Stellantis said it is working with suppliers 'to ensure an efficient licensing process' and that so far the company has been able to 'address immediate production concerns without major disruptions.' China's Ministry of Commerce did not immediately respond to a faxed request for comment. 3 Chinese President Xi Jinping and President Trump had a lengthy phone call on Thursday to iron out trade differences. Getty Images Advertisement China's critical-mineral export controls have become a focus on Trump's criticism of Beijing, which he says has violated the truce reached last month to roll back tariffs and trade restrictions. US auto companies are already feeling the impact of the restrictions. Ford shut down production of its Explorer SUV at its Chicago plant for a week in May because of a rare-earth shortage, the company said. The approval for the auto suppliers follows a green light granted to a US electronics firm's suppliers last week and another one issued earlier this week to suppliers of a US non-auto company, the first person said, declining to name the companies. 3 China produces around 90% of the world's rare earths, and auto industry representatives have warned of increasing threats to production due to their dependency on it for those parts. The Bayan Obo mine in Inner Mongolia, above. REUTERS 'We have to give the Chinese the benefit of the doubt that they're working through this. It's up to them to show that they are not weaponizing it,' said the person. Reuters reported on Wednesday that China has introduced a tracking system for its rare earth magnet sector in a move to improve its control over the sector and crackdown on smuggling.
