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 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.

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Time Warner® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."