NY Gets $100M More Emergency Rent Aid As Apartment Prices Rise

NEW YORK CITY — A nearly $100 million injection of cash could help New Yorkers facing the dual uncertainty of all-time rent prices and the biggest citywide lease hike in a decade.

New York's state emergency rental assistance program will get $99.35 million in funds reallocated by U.S. Treasury officials last week.

The move was hailed by advocates with The Legal Aid Society, albeit with a caveat that they hope President Joe Biden's administration officials will move unused rent aid money from other states to New York.

"Now more than ever, with skyrocketing rents, all levels of government must do their part to keep families safely housed," said Judith Goldiner, attorney-in-charge of the Civil Law Reform Unit at The Legal Aid Society, in a statement.

New York City landlords have received $2 billion in aid to cover past due rent since the state's program began, according to data.

Nearly 559,000 applications have been made under the program, which was set up during the coronavirus pandemic to help keep hard-hit New Yorkers in their homes.

But keeping city dwellers in apartments could be harder than ever, advocates worry.

Rent has consistently hit all-times highs on a nearly monthly basis this year, with one recent study finding a one-bedroom typically costing $3,950 in September.

On top of those eye-watering, wallet-constricting prices, a city board this summer voted to increase rents on rent-stabilized apartments by 3.25 percent on one-year leases and 5 percent on two-year leases.

The increases that took effect Oct. 1 were the largest in nearly a decade and affected 2.4 million apartments. Many advocates worried the date would be as good as an eviction date.

The state's ERAP program not only covers up to 12 months of rental arrears payments accrued on or after March 13, 2020, but also up to three months of additional rental assistance.

More information on ERAP can be found here.