More than two million New Yorkers who live in rent-stabilized apartments could see their rent increase by the largest percentage in a decade. The Rent Guidelines Board on Tuesday voted to approve a 3.25 percent increase for one-year leases and 5 percent for two-year leases that start on or after October 1. For the roughly one million rent-stabilized apartments, the rent hikes are the highest seen in the city since 2013.
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Millions of New Yorkers could soon be hit with the biggest rent hike in a decade. In a preliminary 5-4 vote on Thursday, the city’s Rent Guidelines Board (RGB) voted to increase rents on stabilized apartments between 2 and 4 percent for one-year leases and between 4 and 6 percent for two-year leases. If approved, the rent hikes would be the largest since 2013 when there was a 4 percent increase for one-year leases and a 7.75 percent increase for two-year leases. A final decision by the board is expected in June.
Image courtesy of Creative Commons
The city’s Rent Guidelines Board on Thursday released a report recommending a rent hike for rent-stabilized apartments due to an increase in operating costs for landlords over the last 12 months. According to the agency’s 2022 Price Index of Operating Costs report, owners saw costs rise by 4.2 percent. Using three formulas, the board recommended an increase in rent of between 2.7 percent and 4.5 percent for one-year leases and between 4.3 percent and 9 percent for two-year leases. The suggested rent increase comes after the board voted to not raise rents for six months last year and fully freeze rents in 2020.
Rents at New York City rent-stabilized apartments will freeze for six months and then increase by 1.5 percent for the next six months, under the proposal adopted by the Rent Guidelines Board (RGB) on Wednesday. The unusual guidelines are meant to serve as a compromise between tenant activists who called for a rent freeze and landlords who wanted increases, as the city continues to recover from the coronavirus pandemic.
The Rent Guidelines Board on Wednesday voted to freeze rents for one year for rent-regulated apartments, offering tenants temporary relief in the current economic recession caused by the coronavirus. The nine-member board approved a measure that freezes rent for one-year leases and for the first year of two-year leases, which can increase 1 percent during the second year.
With more than a million New Yorkers out of work as a result of the coronavirus pandemic, many tenants will struggle to pay rent on Friday. Hoping to pressure Gov. Andrew Cuomo to cancel rent for the duration of the health crisis, a coalition of housing advocates is leading a statewide rent strike on May 1, with thousands of renters already pledging to skip payments. But landlords, who argue rental income pays for the growing costs of building maintenance, are fighting for relief themselves.
A report released on Thursday by the Rent Guidelines Board recommends a rent increase on rent-stabilized apartments to mitigate a surge in operating costs for owners. During the board’s first virtual meeting, members reviewed the report, which says rent increases should be between 2.5 and 3.5 percent for one-year leases and 3.3 and 6.75 percent for two-year leases. The recommendation comes as officials and tenant advocacy groups have called for a rent freeze during the coronavirus pandemic, which has put thousands of New Yorkers out of work.
Mayor Bill de Blasio on Monday urged the state to act on a number of rent relief proposals amid the coronavirus pandemic, including a deferment of rents for tenants, the use of pre-paid security deposits in lieu of rent, and an extension of the current moratorium on evictions. The mayor has also called on the Rent Guidelines Board–the entity that determines yearly rent increases for the city’s rent-stabilized units–to enact a rent freeze.
In front of a packed auditorium at Cooper Union’s Great Hall last night, the Rent Guidelines Board voted on rent hikes for the city’s one million rent-stabilized apartments, the New York Times reports. The board voted 5-4 and approved a 1.5% increase on one-year leases and 2.5% on two-year leases. The new rents will kick in on October 1.
Photo courtesy of the MET Council on Housing
Last night the Rent Guidelines Board approved rent hikes for tenants in rent-stablized buildings, making this the second year rents for such units have increased. This latest vote by the board allows landlords to charge their rent-stabilized tenants increases of up to 1.5 percent for one-year leases and 2.5 percent for two-year leases. As the New York Times points out today, “the increases were seen as modest given the history of the nine-member board.” Still, these are the steepest permitted increases since 2013 — news met with jeers from housing advocates at a public hearing held at Cooper Union.