NYC’s rent-stabilized apartments could see lease hikes by as much as 9 percentBy Nolan Hicks
April 14, 2022
The rent is about to be too damn higher!
New Yorkers living in apartments covered by rent stabilization could see their leases jump by as much as 9% over the next two years if regulators adopt the increases suggested in a key report released Thursday.
Roughly one million apartments in the Big Apple have their rent increases set by the nine-member Rent Guidelines Board, all of whom are appointed by the mayor and must come to a final decision by June.
The current board has three appointees of Mayor Eric Adams with the other six holdovers from the de Blasio administration.
The document authored by the board’s staff calculates that landlords need rents on one-year leases to rise by between 2.7 percent and 4.5 percent to maintain current margins and repairs.
It also revealed that rents for two-year leases should rise between 4.3 percent and 9 percent.
If adopted, those would be the biggest increase authorized since 2013.
That year, the board under then-Mayor Michael Bloomberg approved a 4 percent hike on one-year leases and a 7.75 percent hike on two-year leases.
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Source:
https://nypost.com/2022/04/14/nycs-rent-stabilized-apartments-could-see-lease-hikes-by-as-much-as-9-percent/
