The approved increases are 1.25 percent on 1-year leases and 2 percent on two-year agreements ... this after ratifying rent freezes the previous two years.
Back in April, the RGB voted to recommend a 1 to 3 percent increase on 1-year leases, and a 2 to 4 percent increase on 2-year leases.
Per Curbed today:
The final vote erred on the more conservative side of those recommendations, but for both sides — tenants and landlords/owners — that may still be unsatisfactory. Tenants’ rights groups, who showed up to the meeting in droves, wanted a third consecutive freeze; landlords, meanwhile, wanted bigger hikes to offset the costs allegedly incurred as a result of the last two years of freezes.
According to the Post:
Tenants who packed a Baruch College auditorium for the board hearing Tuesday night delayed its 7 p.m. start for more than an hour, chanting “How low can you go?” and dancing the limbo in front of the stage.
The band is keeping us in good spirits as we ask Rent Guidelines Board "how low can you go?!" pic.twitter.com/ILBYimLSLP— Carlina Rivera (@CarlinaRivera) June 27, 2017