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.
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.