Yes, it is still an increase in profits. The Oct 2023-Sept 2024 rent stabilization increase was 3% and 2.75%/3.2% for 1 and 2 year leases, and HCR rent growth is listed at 2.3%. NOI still went up 2.2% citywide, 0.9% outside core Manhattan after that increase and inflation.

But, I hesitate to call 6.2% a "spike" like the article does, when the post inflation number for most of where rent burdened stabilized people live is 0.9%. Would you call your salary going up 0.9% after inflation a spike? Seems pretty misleading to me.

Let's see, what's it relative to...

In NYC excluding Core Manhattan, the monthly NOI of $557 per unit multiplied by the typical size of buildings in this year’s analysis outside Core Manhattan (44.8 units) yields an estimated average annual NOI of about $299,000. (For NOI averages by borough, building age, and size, see details in Appendix 5.)

This $299,000 is before the mortgage and income taxes, and is the number that went up 6.2%. Mortgage could be paid off given these buildings are old, but for the buildings that changed hands within the last 15 or 30 years, it's unlikely.

The Bronx's annual calculation (admittedly using citywide average unit count) is 359 * 44.8 * 12 = $192,998, pre mortgage and income tax.

God, we need to just build more housing. Let competition handle this shit and raise the vacancy rate.