After two consecutive rent freezes, the New York City Rent Guidelines Board has proposed raising the rents of rent-stabilized tenants.
Five of the board’s nine members voted in favor of the rent hike on Tuesday night. The board proposed an increase of 1 to 3 percent for one-year leases and an increase of 2 to 4 percent on two-year leases.
A final vote will be held in June.
Five public hearings to discuss the RGB’s proposed rent increase will be held before a final vote. Should the RGB’s proposals pass the final vote, the rent increase will effect leases signed between October 1, 2017 and September 30, 2018.
Original article:
NEW YORK, NY — The Rent Guidelines Board will hold a preliminary vote Tuesday night to increase, roll back or freeze rents for New York City’s rent-stabilized housing. Unsurprisingly, tenants and housing advocates have called for a rent rollback, and landlords have lobbied for the largest rent hike since 2013.
On Tuesday night the RGB could vote to enact the third consecutive freeze for rents on one-year lease extensions for rent-stabilized tenants. A state judge recently ruled to uphold last year’s rent freeze after the RGB was sued by the Rent Stabilization Association, an organization which represents 25,000 landlords owning about a million rent-stabilized units.
This year the Rent Stabilization Association is calling for a 4 percent increase on one-year leases and an 8 percent increase on two-year leases. If the RGB sides with the landlords, it would be the largest rent hike for rent-stabilized tenants since 2013, according to RGB data.
There’s currently no indication that the Rent Guidlines Board — a group of nine members appointed by Mayor Bill de Blasio — will honor the Rent Stabilization Association’s requests. The association recently called the board “corrupted” by de Blasio, who supported rent freezes over the past two years.
Studied commissioned by the RGB calculated that the price of operating rent-stabilized buildings increased by 6.2 percent in 2016 and is projected to increase another 4.4 percent next year — a good sign that landlords may get a rent increase.
The meeting will begin at 7 p.m. and will be held at the Cooper Union Great Hall on East 7th Street between Third Avenue and Cooper Square.
Via source
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