Angry New Yorker

Friday, May 09, 2003
Trying to Differentiate Between Modest and Steep
By DENNIS HEVESI, New York Times

"Apartment owners throughout the city have been pummeled recently by maintenance and common-charge increases averaging 10 percent — although some have been staggered by punches of more than 20 percent, according to co-op and condominium specialists.

In December, as building boards began planning their budgets for this year, industry analysts were predicting a quadruple whammy: an 18.5 percent property-tax increase, soaring insurance premiums, the fuel costs from a bitter winter and an unknown: contract negotiations for 28,000 building workers.

But with the contract settlement last month carrying a 3.5 percent increase in wages and benefits, that quadruple has turned out to be a triple whammy.
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