NYC Rent Board could approve whopping 16% hike as inflation hits housingBy Nolan Hicks
April 20, 2023
The city’s rent board could allow the landlords who own roughly 1 million regulated apartments to hike rents by nearly 16% over the coming year, according to preliminary figures released Thursday.
The eye-popping potential 15.75% increase for a two-year lease, and 8.25% rent rise for a one-year lease, was outlined as a potential worst-case 2024 scenario in a report issued by the mayor-controlled Rent Guidelines Board.
The figures are driven by the dramatic spurt of inflation last year as the average cost of running a building jumped by 8.1%, according to the report.
The biggest culprit was the 19.9% increase in the cost of fuel, often used for heating or cooking.
The analysis’ best-case scenario would also lead to 2024 rent hikes of 6.6% and 5.3% for two-year and one-year leases, respectively.
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Source:
https://nypost.com/2023/04/20/nyc-rent-board-could-approve-whopping-16-hike-amid-inflation/
