Co-op City residents face potential rent hike

The management group for Co-op City is considering raising rent for the fourth consecutive year, upsetting most residents.Vernon Cooper, of Riverbay Corporation management, said the

THE BRONX - The management group for Co-op City is considering raising rent for the fourth consecutive year, upsetting most residents.

Vernon Cooper, of Riverbay Corporation management, said the company is working with New York's Department of Housing and Community Renewal to determine an appropriate and affordable rent increase. Rent has risen steadily since 2003, Cooper says, in part because of recent renovations. He says fuel costs rose from $27 million in 2004 to $42 million in 2006. New York City's recent 11.5 percent water rate hike also plays a large role, Cooper says.

Resident Margaret McKinney is upset by the potential increase.

"It's too much for what I receive in Social Security," she says. "Any increase is hard on me."

Rent hikes could range from $37 to $75 a month if passed.

State officials held a hearing in June for residents to voice their concerns. Riverbay Corporation says the decision could be made by the end of July and take effect as early as August.

advertisement | advertise on News 12

Trending Video

VIDEO: Scenes from fatal accident 1 VIDEO: Scenes from fatal accident
Furry Friends for 2/17 - Animals for Adoption 2 Furry Friends for 2/17 - Animals for Adoption
Fire officials say the parking garage on Jerome 3 2nd-floor garage collapses on Jerome Avenue
4 Neighborhood Brief for Feb. 19
Two brothers died after their car drifted off 5 The Buzz: Brothers die in Bronx crash

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE