When Developers Get Tax Breaks, Tenants Pay Through the Roof

A row of apartment buildings in Fort Greene which qualify for rent stabilization but don’t show up on the state’s list for rent-stabilized buildings.

69% of New Yorkers – over 5½ million people – live in rented housing. Landlords and developers capitalize on that enormous demand, and some break the law while doing so. Last November, ProPublica began an investigation into how some New York City developers and landlords illegally overcharge tenants and cheat taxpayers. ProPublica reporter Cezary Podkul discusses his ongoing series “The Rent Racket” which examines New York City’s ineffective rent stabilization system and investigates how tax breaks for developers and careless regulatory agencies affect the lives of tenants.