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GUIDELINE NUMBER 58
FOR UNINCORPORATED AREAS OF TOWN OF NORTH HEMPSTEAD, VILLAGES OF
BAXTER ESTATES, CEDARHURST, FLORAL PARK, FLOWER HILL, FREEPORT,
GREAT NECK, GREAT NECK PLAZA, HEMPSTEAD, LYNBROOK, MINEOLA,
ROCKVILLE CENTRE, RUSSELL GARDENS, THOMASTON, AND CITY OF LONG
BEACH (Apartments in buildings of 60 or more accommodations) AND CITY OF GLEN
COVE (Apartments in buildings of 100 or more accommodations).
Guidelines and Statement of maximum rates of rent adjustment for leases or other rental
agreements commencing between October 1, 2023 and September 30, 2024 and findings
pertaining thereto Parts I and II.
Pursuant to the authority vested in it by Chapter 576 of the Laws of 1974 as amended, entitled
the Emergency Tenant Protection Act of 1974, and hereinafter referred to as the Act, as
implemented by Resolutions adopted by the Board of Supervisors of the County of Nassau and
its successor body, the Nassau County Legislature, and the appointments by the Commissioner
of the New York State Division of Housing and Community Renewal, the Nassau County Rent
Guidelines Board hereby establishes the guidelines as set forth in Part I of the Statement for the
maximum adjustments over the legal regulated rents otherwise in effect under the Act, which
may be provided for in the rents under leases or other rental agreements commencing between
October 1, 2023 and September 30, 2024 for the classes of housing accommodations as
designated and described hereafter and subject to the Act. The findings and the data (“The
Explanatory Statement”) upon which these guidelines have been determined are further set forth
in Part II hereof.
Part I
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Lease Adjustments Guidelines
A. Leases on housing accommodations subject to the Act in buildings located in
UNINCORPORATED AREAS OF TOWN OF NORTH HEMPSTEAD, VILLAGES OF
BAXTER ESTATES, CEDARHURST, FLORAL PARK, FLOWER HILL, FREEPORT,
GREAT NECK, GREAT NECK PLAZA, HEMPSTEAD, LYNBROOK, MINEOLA,
ROCKVILLE CENTRE, RUSSELL GARDENS, THOMASTON, and CITIES OF LONG
BEACH (Apartments in buildings of 60 or more accommodations) and GLEN COVE
(Apartments in buildings of 100 or more accommodations).
Leases: For apartments located within the boundaries of the Incorporated Village of
Hempstead, The Rent Guidelines Board (RGB) has set the following maximum rent
increases for leases commencing on or after October 1, 2023 and on or before September
30, 2024 for apartments under its jurisdiction:
1 Year 2 Years
0.00% 0.00.%
For all other apartments:
1 Year 2 Years
1.00% 2.00%
These guidelines shall be applied to the base rent without tax or other cost escalation
factors.
Part II
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Statement and Findings
Explanatory Statement and Findings of the Nassau County Rent Guidelines Board in
Relation to 2023-2024 Lease Increase Allowances for Apartments under the Jurisdiction of
the Emergency Tenant Protection Act in Nassau County
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Vacancy and Renewal Leases: The Rent Guidelines Board (RGB) has set the following
maximum rent increases for leases commencing on or after October 1, 2023 and on or before
September 30, 2024 for apartments under its jurisdiction:
For apartments located within the boundaries of the Incorporated Village of Hempstead
1 Year 2 Years
0.00% 0.00%
For all other apartments:
1 Year 2 Years
1.00% 2.00%
These rent increases are applicable to both Vacancy Leases and Renewal Leases.
The Rent Laws of 2019 require equal treatment by a Rent Guidelines Board of leases regardless
of whether they are vacancy or renewal leases.
Prior to the enactment of amendments to the ETPA in 2019, a statutory vacancy “bonus” could
automatically be added of approximately 20% upon vacancy. The statutory bonus was previously
comprised of three separate increases, depending upon the circumstances: 1) 20 percent (20%)
for a two-year vacancy lease or a lesser increase for a one-year lease; and 2) a longevity bonus if
the apartment had not received a vacancy allowance within eight years; and 3) $100.00 per
month if the prior legal regulated rent was less than $300.00 per month.
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Board Members must have at least five (5) years’ experience in either finance, economics or housing, at the time
of their appointment and use that experience and their own views of what best serves the community as they engage
in this quasi-legislative process for reaching a guideline. This Explanatory Statement explains the actions taken by
the Board members on individual points and reflects the general views of those voting in the majority. It is not
meant to summarize all the viewpoints expressed.
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However, the 2019 changes to the ETPA: 1) repeals this vacancy bonus; 2) ends any variation to
a standard guideline increase that would be based on (a) duration of tenancy or (b) the cost of the
rental unit; or (c) vacancy; and (3) mandates that the Board act in determining annual guidelines.
These changes mean that a Rent Guidelines Board is required to set a unitary guideline for all
leases during the guideline year, based on the Board’s view of the economic and other data
required to be applied pursuant to the ETPA.
Background:
The Rent Guidelines Board is mandated to establish annual guidelines for rent adjustments for
housing accommodations subject to the Emergency Tenant Protection Act (ETPA) of 1974. In
order to establish guidelines, the Board must consider, among other things:
(1) the economic condition of the residential real estate industry in the affected area
including such factors as the prevailing and projected (i) real estate taxes and sewer and
water rates, (ii) gross operating and maintenance costs (including insurance rates,
governmental fees, cost of fuel and labor costs), (iii) costs and availability of financing
(including effective rates of interest), (iv) overall supply of housing accommodations and
overall vacancy rates;
(2) relevant data from the current and projected cost of living indices for the affected area;
(3) such other data as may be made available to it
The Board gathered information on the above topics by means of public meetings and hearings,
written submissions by the public and written reports and memoranda prepared by the NYS
Homes and Community Renewal (HCR) Research and Analysis Unit. The Board calculates rent
increase allowances on the basis of, among other things, cost increases experienced in the most
recent three years, a broad overview of cash flow and operating expenses based upon historical
data, its forecasts of cost increases over the next year, its determination of the relevant operating
and maintenance cost-to-rent ratio, cost of living for the affected area, and other relevant
information made available to it concerning the state of the residential real estate industry.
Material Considered by the Board
HCR’s Research and Analysis Unit implemented an on-line filing format beginning with the
2016 ETPA survey. For this year, owners of buildings participating in last year’s survey received
a letter from this unit via regular mail during February 2023. Owners or managing agents with
valid e-mail addresses from HCR’s 2019 through 2022 rent registration filings were notified by
that format, as well.
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A 2023-2024 Order was issued by the Board following one Board meeting and three public
hearings, its review of written submissions and testimony provided by the public, and a review of
research, memoranda and draft statements prepared by the staff of the Research and Analysis
Unit. Every year the unit surveys the owners of rental properties containing ETPA units.
Cooperatives are not included in this survey. The annual survey requested three years of income
and expense data. Owners were surveyed about income, including residential rental income and
non-residential rental income. In addition, miscellaneous income; real estate income and
expenses for heating fuel; utilities; payroll and related costs; real estate taxes; insurance;
management expense; repairs and maintenance; interest expense; miscellaneous expenses and
depreciation were also included in the survey. This data allows Board members to examine and
analyze income and expense trends in properties in two-year periods. The 2023 survey requests
owners to submit data for the years 2020 to 2022. Schedules with less than three (3) years of
income and/or expense data are excluded. Many new owners are unable to provide a full three
years of data and are excluded in the tabulations due to a lack of comparability, until such time
that they can provide three complete years of data. Buildings with extraordinary circumstances
such as a fire, flood, or a vacate order issued during one of the review years are also excluded.
Buildings that are owned by non-profit organizations, where a majority of the units are exempt
from the ETPA due to occupancy by staff are also excluded. When the data provided is skewed
by a significant increase or decrease in income and/or expenses, the schedules may also be
excluded if the owner, after an agency request, does not provide an explanation for the reported
change. After screening the schedules by staff, the system enters the approved submissions into
a data base and various data tables are generated. The formats of the schedules and the generated
reports have followed the mandates of the Guidelines Board over the years. This process is
designed to provide, as accurately as possible, a profile of the actual economic conditions of the
stabilized housing stock in the previous year in Nassau County. For the 2023 Survey, 96
schedules were tabulated containing 2,295 units that are subject to the ETPA.
For the 2023 Survey, 240 letters were mailed to building owners containing 6,885 units subject
to the ETPA. The unit received a total of 116 timely submissions. Data from 20 of the submitted
schedules were not tabulated for the following reasons. Three (3) schedules were submitted by a
new owner (less than 3 years of data). Thirteen (13) schedules were deemed non-comparable for
reasons such as fire, flood, or co-op/condo conversion and four (4) schedules were deemed
problematic. Therefore, the 96 tabulated buildings constitute a sample of approximately 40% of
the 240 buildings contained in the 2023 ETPA survey for the county.
The Board held a meeting on April 27,
2023. The Board heard testimony in person from
apartment tenants/tenant representatives, apartment owners/owner representatives, and public
officials on May 23rd, June 5th and June 15th of 2023. On June 21,2023 the guidelines set forth
in this 2023 Nassau County Rent Guidelines Explanatory Statement were adopted by a majority
of the Board.
Presentation by the Public
Each year the Nassau Rent Guidelines Board conducts hearings with testimony from industry
and tenant representatives, legislators and any other interested members of the public.
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Listed are the dates of the other public hearings at which tenant and owner testimony was
presented:
Hearing Date Location
May 23, 2023 Great Neck Plaza Village Hall
Owners/
Owners’ Representatives: Stuart Walton, Steve Padyk, Marjorie Goldstein
Tenants/
Tenants’ Representatives: Jeremy Joseph – Working Families Party Advocate, Tyler
Brechner, Darinel Velasquez – NY Community for Change
Public Officials: Ted Rosen – Mayor - Great Neck Village
June 5, 2023 Town Hall of Long Beach
Tenants/
Tenants’ Representatives: Michael Schnier- President Long Beach Tenants Association,
Lynn Aaronson, Aimee Rychlowski, Michael Rosengranz, David
Lofton, Chrystal Lake, Jeremy Joseph – Working Families Party
Advocate, Jacklyn Anderson
Owners/
Owners’ Representatives: Stuart Walton, Steve Padyk, Richard Rush
Public Officials: Karen McInnis – Long Beach City Council Member,
Siela Bynoe, Nassau County Legislature
June 15, 2023 Nathan L. H. Pavilion, Hempstead NY
Tenants/
Tenants’ Representatives: Michael McKee- Tenants PAC, Jeanwood Sessions, Aimee
Rychlowski, Michael Schneir, Roxanne Steele, Letha Smith, Sheila
Conyers, Nia Adams – Working Family Parties of Nassau, Melissa
Devone, Sey Edwards, Joe Sackman – Working Family Parties of
Nassau, David Lofton, Gloria Patino, Jeremy Joseph – Working
Family Parties of Nassau, Darinel Velasquez, Katie Hawkland –
Long Island Progressive Coalition, Lynn Aaronson, Monique
Fitzgerald, Donna Gooding
Owners/
Owners’ Representatives: Charles Torsiello, Steve Padyk, Richard Rush – written statement
Public Official: Austin Johnson – Office of Legislature Siela Bynoe
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Michaella Solages – Assembly Member District 22
In addition, HCR’s Research and Analysis Unit provided the Board with information about
mortgage refinance rates and water and sewer charges. It included information from the Village
of Hempstead that there will be a 12.5% increase in water rates effective August 1, 2022. The
Village of Freeport reported no increases in water rates since September of 2012. Additionally,
Liberty Utilities took over operations from New York American Water in January of 2022 and
had filed a notice with the New York State Public Service Commission on May 5th, seeking a
cumulative 34.2% rate hike across Nassau County which could possibly affect the Villages of
Cedarhurst and Lynbrook next year. For the State to approve a rate increase, a public hearing
must be held, during which a smaller rate hike could be negotiated. Finally, of the 96 buildings
that were tabulated in the 2023 survey, 10 reported that they were refinanced during the reporting
period of 2021-22 with a previous median interest rate of 3.92% and a median interest rate of
3.26% during that period.
The Vote Meeting and the Vote
The vote meeting was held on June 21, 2023. The minutes of this and other meetings reflect Board
discussions at prior meetings and deliberations on April 27th, May 23rd, June 5th, June 15th, June
21st, as well as the vote on June 21st promulgating guidelines of 1.00% for 1-year leases and
2.00% for 2-year leases commencing on or after October 1, 2023 and on or before September 30,
2024. In addition, the Board adopted a special guideline for the Incorporated Village of Hempstead
of 0.00% for a 1-year lease and 0.00% for a 2-year lease.
The Rent Guidelines Board Research-Nassau Data
The Nassau Rent Guidelines Board also based its determination on its consideration of the
following reports and information prepared and gathered by the staff of the Research and
Analysis Unit of the HCR’s Office of Rent Administration.
(1) Annual Income and Expenses Tables based on 96 schedules for buildings containing
2,295 housing units subject to the Emergency Tenant Protection Act of 1974.
Table I - Annual Income and Expenses (in thousands);
Table II - Percent Distribution of Expenses;
Table III - Percent Change of Income and Expenses;
Table IV - Annual Income vs. Expenses (in thousands);
Annual Income and Expenses Tables, Geographic Region (North Shore and
South Shore);
Annual Income and Expenses Tables, Hempstead Village;
(2) Changes in Rent for Apartments Subject To the ETPA, Which Became Vacant During
the Reporting Period, 2020-2022;
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(3) The Consumer Price Index for New York and Northern New Jersey, as reported by the
US Bureau of Labor Statistics;
(4) 2023 Price Index of Operating Costs for Rent Stabilized Apartment Houses in New
York City, (PIOC) issued April 20, 2023;
(5) Cost- to- Income Ratios;
(6) Change in Refinancing Rates;
(7) Forecast of Price Changes in Expenses, 2023;
(8) Housing, Demographic and Economic Statistics for Nassau County
(1) ANNUAL INCOME AND EXPENSE TABLES
Table I – Annual Income and Expenses (Based on 96 Buildings)
Description: Summary of Income and Expenses, as reported in the 2023 Nassau County
Property Maintenance and Operations Cost Survey. Income and Expenses are categorized.
Expenses are reported both excluding and including Depreciation.
For the 96 buildings that were tabulated in 2023, Expenses, as a percentage of Aggregate
Income, averaged 60.11% excluding Interest and Depreciation, and 85.76%, including Interest
and Depreciation, during the reporting period of 2020 to 2022 (see Table I).
TABLE I
Annual Income and Expenses
(In Thousands)
YEAR
Expenses w/o Interest
and Depreciation
Aggregate
Income
Total Expenses as a percentage of
Aggregate Income (excluding
Interest and Depreciation)
2020
$36,818
58.83%
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2021
$38,005
59.72%
2022
$40,437
61.77%
YEAR
Aggregate Expenses
with Interest and
Depreciation
Aggregate
Income
Average: 60.11%
Total Expenses as a percentage of
Aggregate Income (including
Interest and Depreciation)
2020
$ 53,442
85.39%
2021
$ 54,302
85.32%
2022
$ 56,667
86.56%
Average: 85.76%
Table II – Percent Distribution of Expenses (Based on 96 Buildings)
Description: A percent distribution of the Expenses incurred by property owners. The table
shows the importance or weight of the Expense categories in relationship to Total Expenses. For
the 96 buildings that were tabulated, Real Estate Taxes garnered the largest share of Expenses in
all three surveyed years (2020–2022). In 2022, Real Estate Taxes (25.0%), Interest (16.1%) and
Depreciation (12.5%) accounted for approximately 54% of the Total Expenses.
TABLE II
Percent Distribution of Expenses
Expenses
2020
2021
2022
Fuel
5.1
5.0
6.1
Utilities
3.9
3.9
3.7
Payroll
7.1
7.5
7.3
Real Estate Taxes
26.1
25.9
25.0
Insurance
5.1
5.1
5.7
Management
8.0
8.2
8.4
Repairs and Maintenance
11.0
11.9
12.0
Miscellaneous
2.5
2.5
3.1
Expenses Excluding
Interest and Depreciation
68.8%
70.0%
71.3%
Interest
16.8
16.8
16.1
10
Depreciation
14.3
13.2
12.5
Total Expenses
100%
100%
100%
*Rounded values may cause the summed percentages to not total 100%
Table III – Percent Change of Income and Expenses (Based on 96 Buildings)
Description: Percentage changes from 2020-2021 and 2021-2022 for Income and Expense
categories. The table shows the rate of change by category as well as the rate of change of Total
Income and Total Expenses both excluding and including Interest and Depreciation. For the 96
buildings that were tabulated, Income increased by 1.7% from 2020-2021 and then increased
2.9% from 2021-2022. Expenses excluding Interest and Depreciation increased 3.2% between
2020 and 2021 and then increased 6.4% between 2021 and 2022. Total Expenses, which is
Expenses including Interest and Depreciation increased by 1.6% between 2020 and 2021 and
then increased 4.4% between 2021 and 2022. On the Income side, Rental Income increased 1.5%
from 2020-2021 and then increased 2.6% from 2021-2022. On the Expense side, Miscellaneous
Expenses increased 27.6%, Fuel Expenses increased 26.8%, and Insurance Expenses increased
as well at a rate of 17.4% from 2021 to 2022.
TABLE III
Percent Change of Income and Expenses
2020-2021 2021-2022
INCOME: 1.7% 2.9%
RENTAL 1.5 2.6
MISCELLANEOUS -4.8 15.6
REAL ESTATE -56.3 693.5
NON-RESIDENTIAL 15.5 -3.3
EXPENSES:
FUEL -0.1% 26.8%
UTILITIES 1.2 0.2
PAYROLL 6.7 2.2
REAL ESTATE TAXES 0.8 0.8
INSURANCE 1.6 17.4
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MANAGEMENT 4.2 6.2
REPAIRS AND MAINTENANCE 9.6 5.6
MISCELLANEOUS 1.1 27.6
EXPENSES EXCLUDING INTEREST AND
DEPRECIATION: 3.2% 6.4%
INTEREST 2.1 0.0
DEPRECIATION -6.7 -1.0
TOTAL EXPENSES: 1.6% 4.4%
Table IV – Annual Income versus Expenses (Based on 96 Buildings)
DESCRIPTION: Changes in Cash Flow before and after Depreciation. Buildings are presumed
to be in a better financial position when they spend a lower percentage of income on expenses.
Cash Flow as a percent of Income, before Depreciation, decreased from 26.86% to 25.92% in the
reporting period of 2020-2021 and then decreased to 24.27% from 2021-2022. When
Depreciation is included, Cash Flow as a percent of income increased slightly from 14.61% to
14.68% in the period of 2020-21 and then decreased to 13.44% from 2021-2022.
TABLE IV
Annual Income vs. Expenses
(In Thousands)
2020 2021 2022
INCOME: $62,584 $63,643 $65,468
EXPENSES:
BEFORE DEPRECIATION 45,774 47,146 49,581
AFTER DEPRECIATION 53,442 54,302 56,667
CASH FLOW:
BEFORE DEPRECIATION 16,810 16,497 15,887
AFTER DEPRECIATION 9,142 9,341 8,801
CASH FLOW AS PERCENT OF INCOME:
BEFORE DEPRECIATION 26.86% 25.92% 24.27%
AFTER DEPRECIATION 14.61% 14.68% 13.44%
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ANNUAL INCOME AND EXPENSE TABLES - GEOGRAPHIC REGION
In the reporting period of 2021 to 2022, Income increased 4.1% on the North Shore and 2.5% on
the South Shore of Nassau County. Total Expenses increased 4.1% on the North Shore and 4.4%
on the South Shore from 2021-22. Of the 2,295 ETPA units that were tabulated for the 2023
Survey, 81% are located on the South Shore while 19% reside on the North Shore.
North Shore – During the reporting period of 2021 to 2022, Total Income on the North Shore
increased by 4.1% with Rental Income rising by 4.2%. Total Expenses increased 4.1% (including
Interest and Depreciation), with Fuel Expenses increasing at the highest rate of all expense
categories by 30.3%.
.
South Shore - Total Income increased 2.5% from 2021 to 2022, with Rental Income increasing
2.1%. Total Expenses (including Interest and Depreciation) increased by 4.4%. Miscellaneous
Expenses rose 34.5%, which was the greatest rate of increase for all expense categories. Fuel
Expenses increased 26.0% as well.
Hempstead Village - Hempstead Village is considered to be on the South Shore for the purposes
of tabulating the Income and Expense Surveys.
Total Income
2020-2021
2021-2022
All Nassau Municipalities
1.7%
2.9%
North Shore
2.2%
4.1%
South Shore
1.5%
2.5%
Hempstead
1.1%
2.5%
Total Expenses
2020-2021
2021-2022
All Nassau Municipalities
1.6%
4.4%
North Shore
3.1%
4.1%
South Shore
1.2%
4.4%
Hempstead
2.9%
3.5%
Expenses Excluding Interest & Depreciation
2020-2021
2021-2022
All Nassau Municipalities
3.2%
6.4%
North Shore
4.0%
5.5%
South Shore
3.0%
6.6%
Hempstead
2.0%
4.7%
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(2) CHANGES IN RENT FOR APARTMENTS SUBJECT
TO THE ETPA, WHICH BECAME VACANT DURING
THE REPORTING PERIOD, 2020-2022
Description: A distribution of the change in the rent level of apartments that became vacant and
were re-rented to new tenants in 2022. The tables are sorted by lease term: one-year and two-
year lease terms.
In 2022, a total of 110 apartments, or 4.8% of the tabulated apartments subject to the ETPA
became vacant and were re-rented to new tenants. Of these 110 units, 109 of the new tenants
entered into a one-year lease. For one-year leases, the median increase was 0.0% and the mean
increase was 1.4%. The median rent for entering tenants signing a one-year lease was $2,094 per
month..
Changes in Rent for Apartments Subject to ETPA Which Became
Vacant During the 2020 & 2021 Survey Periods
One Year Leases
Two Year Leases
Units Rented at
Lower Legal
Regulated Rent
Survey
Year
Median
Increase
Mean
Increase
Median
Increase
Mean
Increase
2022
0.0%
1.4%
N/A
N/A
N/A
2021
0.0%
1.3%
1.0%
0.8%
0.7%
Consideration of Other Factors
Before determining the guideline, the Board considered other factors affecting the rent stabilized
housing stock and the economics of rental housing, as reflected in the minutes and recordings of
their public meetings.
(3) CONSUMER PRICE INDEX
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Description: The Consumer Price Index (CPI)–All Items is a measure of the average change
over time in the prices paid by urban consumers for a market basket of consumer goods and
services. The Consumer Price Index–Housing measures the change in the housing component of
the CPI. The CPI statistics provided reflect spending patterns of residents located in the
Metropolitan Statistical Area of New York–Northern New Jersey–Long Island, NY-NJ-CT-PA.
For calendar year 2022, the CPI for All Items rose 6.3%. The Board also received April CPI
statistics released by the United States Bureau of Labor Statistics on May 10, 2023. For the
April 2022 to April 2023 period the CPI for All Items increased 3.7% and the Housing
component increased by 4.5%.
Consumer Price Index-All Items
Year
Annual Change
1998
1.60%
1999
2.00%
2000
3.10%
2001
2.50%
2002
2.60%
2003
3.10%
2004
3.50%
2005
3.80%
2006
3.30%
2007
3.70%
2008
1.60%
2009 2.30%
2010 1.40%
2011 2.70%
2012 2.10%
2013 2.00%
2014 0.30%
2015 0.70%
2016 2.10%
2017 1.70%
2018 1.60%
2019 2.20%
2020 1.60%
2021 4.40%
2022 6.30%
(4) 2023 PRICE INDEX FOR NEW YORK CITY
The Price Index of Operating Costs for Rent Stabilized Apartment Houses in New York City
(PIOC) is prepared by the research staff of the NYC Rent Guidelines Board and it measures the
price change for a market basket of goods and services which are used in the operation and
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maintenance of stabilized buildings in New York City. The PIOC increased by 8.1% in 2022-23
in New York City. The Board is able to compare and contrast changes in prices in New York
City, which uses a different methodology (measures price changes, similar to the CPI, in a
market basket of goods and services utilized by stabilized buildings in NYC) with expense
changes in Nassau County.
(5) COST-TO-INCOME RATIOS
DESCRIPTION: In most stabilized buildings the income received by owners exceeds the
expenses paid to operate their buildings. The Cost-to-Income ratio is one method of providing a
profile of the economic conditions of the stabilized housing stock in Nassau County. Historical
data from prior surveys, dating back to 1987, shows the pattern of change in the cost-to-income
ratio, both including and excluding interest and depreciation and including all other costs.
TABLE 5 TABLE 5A
Total Cost-to-Income Ratio Total Cost-to-Income Ratio
Including Interest and Depreciation Excluding Interest and Depreciation
Year Total Cost-to-Income Ratio Year Total Cost-to-Income Ratio
1987 97.4 % 1987 64.8 %
1988 96.2 % 1988 63.2 %
1989 97.5 % 1989 65.2 %
1990 93.4 % 1990 63.0 %
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1991 97.1 % 1991 66.3 %
1992 92.3 % 1992 63.0 %
1993 89.8 % 1993 62.5 %
1994 89.2 % 1994 63.1 %
1995 85.8 % 1995 62.0 %
1996 90.7 % 1996 66.9 %
1997 90.6 % 1997 66.0 %
1998 86.8 % 1998 62.8 %
1999 84.4 % 1999 61.9 %
2000 88.9 % 2000 64.9 %
2001 90.4 % 2001 66.0 %
2002 89.9 % 2002 67.2 %
2003 92.1 % 2003 70.0 %
2004 93.0 % (95.3%)* 2004 72.1 % (73.8)*
2005 87.7 % 2005 68.1 %
2006 90.5 % 2006 71.1 %
2007 92.3 % 2007 69.5 %
2008 94.3 % 2008 70.1 %
2009 90.5 % 2009 66.3 %
2010 90.1 % 2010 66.8 %
2011 98.2 % 2011 71.1 %
2012 94.0 % 2012 67.1 %
2013 89.6 % 2013 66.8 %
2014 91.3 % 2014 67.5 %
2015 87.9 % 2015 65.9 %
2016 88.6 % 2016 64.3 %
2017 90.2 % 2017 66.2 %
2018 90.4 % 2018 65.4 %
2019 88.0 % 2019 64.5 %
2020 88.8 % 2020 63.8 %
2021 89.0 % 2021 62.8 %
2022 86.6 % 2022 61.8 %
*For 149 buildings
(6) CHANGES IN REFINANCING RATES
Of the 96 buildings in Nassau County that were tabulated, 10 buildings reported that they were
refinanced. The median interest rate of prior mortgages was 3.92% and the median rate for
current mortgages is 3.26%.
It should be noted the interest rates quoted in the first paragraph of Section 6 pertain to calendar
years 2021 and 2022 only. There are no 2023 refinancing rates in the 2023 ES since all
Operating Statement data is for the years 2020 through 2022 only.
(7) FORECAST OF PRICE CHANGES IN EXPENSES
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The forecast for all Expense categories is based on a 33-year geometric average of cost changes
from the Maintenance and Operations Cost Survey tabulations.
2023 MAINTENANCE AND OPERATIONS
COST PROJECTIONS
EXPENSES
2023 PROJECTIONS
Fuel
3.1%
Utilities*
3.3%
Payroll
3.8%
Real Estates Taxes
2.9%
Insurance
4.6%
Management
4.8%
Repairs and Maintenance
3.0%
Miscellaneous
1.9%
Expenses Excluding
Interest & Depreciation
3.0%
Interest
0.7%
Depreciation
0.0%
Total Expenses
2.6%
*Owners report water and sewer charges as part of their Utility Expenses
(8) HOUSING, DEMOGRAPHICS AND ECONOMICS
As of April 1, 2022, NYS HCR's annual registration data indicates there were approximately
6,885 apartments registered as subject to the ETPA in Nassau County. In 2022, a total of 33
apartments were registered as permanently exempt. In addition, the average monthly legal
regulated rent was $1,685 in Nassau County. The United States Census Bureau’s 2021 American
Community Survey estimated that of the 479,297 occupied housing units in Nassau County,
391,343 (81.7%) are owner occupied and 87,954 (18.3%) are renter occupied. These numbers
include both regulated and unregulated housing units. The US Census Bureau's 2021 Community
Survey also estimated that in 2021 the median household income for all households in Nassau
County was $126,576. Finally, the Census Bureau reported that 6.1% of individuals that reside in
Nassau County had a household income in the past 12 months that was below the poverty level.
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DELIBERATIONS AND THE VOTE
In the course of debate and discussion during the presentation and deliberation meetings, Board
members expressed various views on the rent adjustment to be promulgated, which views are
part of the Record of Board proceedings. Based upon the data received from Nassau owners in
response to the Board's annual survey and the information contained in the materials cited in the
Bibliography, which are summarized in this Explanatory Statement, and based upon other
information, including the testimony and debate at public meetings and Board members' analyses
set forth in the record and incorporated herein, using their knowledge and experience gained in
the fields of finance, economics and/or housing, a majority of the Board reached a consensus and
approved the rent adjustments set forth herein.
BIBLIOGRAPHY
Written submissions and oral testimony by tenants, tenant organizations, owners, owner
organizations and public officials:
Nassau County Rent Guidelines Board Explanatory Statement 2022;
NYS Homes and Community Renewal (HCR) Rent Registration Data Base;
NYS HCR 2023 Property Maintenance and Operations Cost Surveys;
NYS Department of Labor, Labor Force and Employment data;
NYS Energy Research and Development Authority Price of Heating Oil;
NYC Rent Guidelines Board 2023 Price Index of Operating Costs;
NYC Rent Guidelines Board 2023 Mortgage Survey;
U.S. Bureau of the Census 2021 American Community Survey;
U.S. Department of Labor, Bureau of Labor Statistics April 2023 CPI data;
All applicable legislation
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