NYC Rent Board narrowly approves hikes of up to 6% for stabilized apartmentsBy Nolan Hicks and Haley Brown
June 21, 2023
The rent just got a bit higher!
New Yorkers who live in the one million rent-regulated apartments across the Big Apple could see their rents jump by as much as 6% come October, following a contentious Wednesday night vote by the city’s rent board.
The 5-4 decision from the Rent Guidelines Board, which was lambasted by tenant advocates and landlords alike, allows building owners to increase monthly payments by up to 3% for a one year lease.
Increases on two year leases would be capped at 2.75% in the first year and then another 3.2% in the second year. That’s a 6% jump by the end of the lease, but it averages 4.4% over the two years because of the staggered nature of the increases.
The increases would apply to leases issued or renewed from October through September 2024.
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Source:
https://nypost.com/2023/06/21/nyc-rent-board-narrowly-approves-hikes-of-up-to-6-for-stabilized-apartments/
