Redacted Lease Help: NYCHA/SEC8 wants (non Sec8) comps to validate rent increases!

[Robeson Edouard]

Hello,

I am a long-time listener to a few of the BP podcasts, and find myself in a bind that I'm hoping this community can help me conquer.

Briefly about myself, 37 years old, Brooklyn native. Purchased my first duplex property in 2014 and still hold it. I rent to Section 8 tenants and learned the ins and outs from my parents, who are also Section 8 landlords. I have had only 1 turnover and expect my tenants to be long-term indefinitely. 

Recently, NYCHA/Section 8, HUD, and HPD have begun to push several regulatory and compliance initiatives. I personally believe that these policy changes are a way of grasping greater control over private owners. One of these changes is in the ability to increase rent. It appears that NYCHA is now requiring valid comparables from non Sec-8 properties to approve rent increases.

Hence, my current dilemma. I am trying to increase the rent from $2600 to $2700 (unit 1) / $2800 (unit 2), both are below the tenant's voucher standards. NYCHA responded with a reasonableness of $2200, unless I can provide comparables.

Would anyone located in Brooklyn/Queens border be willing to provide me with a rent roll or redacted lease of a 2 bed 1 bath non Section 8 / non rent-controlled apartment currently or previously at $2700 and $2800? I have 26 days to submit it.

I'm sure this is an unusual request, but I have seen great things come from productive communities.

Thank you.

[James Mc Ree]

Are you sure you need actual leases or rent rolls versus showing the market in your favorite real estate site (Zillow, Realtor.com, etc)? I would go this route if they haven't specifically denied it. It seems unreasonable and incredibly inefficient to me to force a fishing expedition to get landlords to give up their lease info.

Another approach to consider is contacting a real estate brokerage for a BPO (broker price opinion). It is basically asking an agent to look at comps and recommend your rent which is exactly what you are trying to do and they have the MLS access to see the data. They might charge a fee, but it could save you a huge amount of time.