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In his latest Forbes article, Shimon Shkury, President & Founder of Ariel Property Advisors, examines why the annual RGB process is increasingly reflecting political pressure rather than addressing the structural challenges facing the rent-stabilized housing stock.

The FOMC under new Fed Chairman Kevin Warsh voted unanimously at its June meeting to leave the federal funds rate at 3.50% to 3.75%. Excluding Chairman Warsh, meeting participants submitted projections for the quarterly Summary of Economic Projections (SEP) that revealed a significant hawkish shift from March. Nine out of 19 officials now forecast at least one rate hike by year-end (up from zero), while only one expects a cut (down from 12). Median projections showed the federal funds rate at 3.8% at the end of this year and 3.6% next year; real GDP at 2.2% this year and 2.3% next year; total PCE inflation at 3.6% this year (up from 2.7% in March) but down to 2.3% next year; and the unemployment rate steady at 4.3%.