Tuesday, June 26, 2018

[Updated] Final vote tonight for the Rent Guidelines Board

After multiple public meetings, the Rent Guidelines Board (RGB) makes its final vote tonight at Cooper Union on adjustments for the city’s 1 million rent-stabilized apartments for the coming year. (The public meeting starts at 7 in the Great Hall at 7 E. Seventh St.)

Curbed has an explainer with background and what residents might expect this evening.

As The Wall Street Journal reported today, the board’s five public members signed off on a resolution that would put a range of increases – from 0.75 percent to 2.75 percent – on the table for one-year leases and allow owners to add another 1 percent for two-year leases.

In June 2017, the RGB voted to allow rent increases, with one-year leases subject to 1.25 percent raises, and two-year leases subject to 2 percent hikes — this after two consecutive years of rent freezes.

Updated 6/27

According to published reports, the RGB approved increases of 1.5 percent on one-year leases and 2.5 percent on two-year leases starting on Oct. 1.


3 comments:

Anonymous said...

PLEASE LET IT BE A BIG FAT ZERO!

Anonymous said...

Do many of these landlords even live in the city? Just wondering.

Donnie Moder said...

Over half of rentals in New York have rents not determined by the free market. No wonder we have crappy rental housing and a shortage of housing for decade upon decade.