Tuesday, June 28, 2016

Report: Another freeze on 1-year leases for rent-stabilized apartments; 2% for 2-year leases

Here's part of a report from The New York Times from the Great Hall at Cooper Union last evening:

The board that sets rents for more than one million rent-stabilized apartments in New York City voted on Monday to freeze rents for one-year leases for the second year in a row.

By a vote of 7 to 0, with two abstentions, the New York City Rent Guidelines Board also decided to raise rents by 2 percent for two-year leases, a modest rise that mirrors last year’s. The vote, which came during a typically emotional board meeting, was in keeping with the historically low rent increases that the board had previously approved during the administration of Mayor Bill de Blasio, a Democrat who appointed the full board.

Head to the Times for full details and the usual drama.

WABC-7 reported that, given the number of people in attendance, it took an hour for tenants to file into Cooper Union.

Per The Wall Street Journal:

Landlord groups criticized the rent freeze, calling it a political move by the mayor and his appointees at a time when local property-tax assessments and other costs have been rising for years. They said owners’ heating costs haven’t fallen as much as the board’s data suggested.

“Another abhorrent illustration of de Blasio’s politics dictating housing policy,” said Joseph Strasburg, president of the Rent Stabilization Association, a group representing building owners.

To recap via Curbed: Now, tenants living in rent-stabilized units, whose leases expire between Oct. 1, 2016, and Sept. 30, 2017 can renew at the same rate for one-year, and tenants with two-year leases will be able to do so with a two percent increase.


Anonymous said...

Does this benefit me if my lease doesn't come up for renewal until 2017? Or does this just apply to leases renewed this year?

Anonymous said...

Anon 12.20: this concerns leases up for renewal btw Oct 1 2016 and Sept 30th 2017. After that, the decisions to be made in June 2017 will apply.

Anonymous said...

@12:20 I'll do your reading for you - this applies to leases expiring between Oct. 1, 2016, and Sept. 30, 2017.

Anonymous said...

Anon 3:02, Dont be such a SNOT ok?

Anonymous said...

Thankfully the board finally took into account the fact that if they keep on raising rents year after year after year, there will be many people forced out of these controlled and stabilized apartments, until the only working class people left in the city will be in city subsidized housing. Everyone else will have to leave NY, unless you are rich. Not a smart prospect.

Anonymous said...

this is one of the main reasons it's so expensive for most people to move to NYC - rent stabilization. It's among the worst policies we have.

Unknown said...

Leaving aside the nonsense from 8:14 PM above, can anyone explain to me a reason anyone would choose the 2 year lease option in this current situation?

Anonymous said...

To lock in a lower rent increase in case the 2017 increases are high, for example 4% and 8%.