On March 31, 2022, Mayor Eric Adams announced the appointment of two new members of the Rent Guidelines Board. The Rent Guidelines Board is responsible for establishing rent adjustments for apartments subject to the City’s rent stabilization law. Approximately one million apartments and homes are subject to this law.
The Rent Guidelines Board consists of nine members, who are all appointed by the mayor. Two members are appointed to represent tenant interests, two members represent owner interests, and five members are appointed to represent the interests of the general public.
Mayor Adams’ newest appointees, Arpit Gupta and Christina Smyth, Esq., were appointed ahead of the Rent Guidelines Board’s first meeting for 2022, which occurred yesterday. For more information about the Rent Guidelines Board and how to attend future meetings, click here.
Arpit Gupta was appointed as a representative of the public. He earned a Bachelors in mathematics from the University of Chicago and a Ph.D. in finance and economics from Columbia Business School. He is an assistant professor of finance at New York University Stern School of Business. His research focuses on the use of large datasets to understand default dynamics in real estate, household finance and corporate finance.
Christina Smyth, Esq. was appointed as a representative of owners. She earned her Bachelors in political science at Fordham University and her J.D. at St. John’s University School of Law. She is the founder and owner of Smyth Law PC, a real estate practice which represents multifamily residential building owners, management companies and operators across the city. She is an adjunct instructor at the New York University Real Estate Institute. She has been a member of the Real Estate Services Alliance since 2011.
Mayor Adams stated, “The Rent Guidelines Board is an essential component of our affordable housing infrastructure, and I am confident that my appointees today will be faithful stewards of the city’s rent stabilized housing stock. My administration is committed to making decisions based on data, and I know these two appointees share that commitment and will serve New Yorkers well in their respective roles.”
Arpit Gupta stated, “I am delighted to be appointed to the Rent Guidelines Board. The Rent Guidelines Board plays an important role in our city, and I am excited to help serve New York City. I have a strong commitment to keeping New York City affordable, while balancing the needs of all housing stakeholders.”
Christina Smyth stated, “Thank you, Mayor Adams, for this appointment to the Rent Guidelines Board. Affordable, high-quality housing is crucial for all New Yorkers. The Rent Guidelines Board recognizes this endeavor. I welcome the opportunity to serve with my fellow board members to achieve balance and equanimity for all housing stakeholders.”
By: Veronica Rose (Veronica is the CityLaw fellow and a New York Law School graduate, Class of 2018.)