NYC DEP has approved a significant rate increase.

NYC DEP has just approved a rate increase that will take effect on 7/1/2024. This increase will raise the water sewer rate by 8.5%, resulting in a rate of $12.61 per Hundred Cubic Feet (HCF). This represents the largest increase since Mike Bloomberg left office. The significant increase is primarily driven by the rental agreement.

The Rental Agreement is a device to use to move water and sewer revenue to NYC general budget. Mayor Adams ran on a promise to eliminate the Rental Agreement.