Wednesday, May 6, 2009

Rent increase proposed; tenants are disappointed

From the Times:

The board that oversees rents for New York City’s one million rent-stabilized apartments proposed a range of rent increases on Tuesday, disappointing tenants and their supporters, who say the recession warrants a rent freeze.

In a preliminary vote, the city’s Rent Guidelines Board proposed increases of 2 percent to 4.5 percent for one-year leases and 4 percent to 7.5 percent for two-year leases. Last year, the board approved its highest set of rent increases since 1989 — 4.5 percent on one-year leases and 8.5 percent on two-year leases. The board will hold two public hearings, on June 15 and June 17; it is to take a final vote at a meeting June 23.

1 comment:

Jill said...

You left out the worst part: Owners of buildings with tenants living there 6 years or longer have the option of charging them the approved increases, or a $20 to $45 monthly increase for one-year leases or $40 to $75 for two-year leases, whichever is greater.