New Yorkers in rent-stabilized apartments brace for 7% increaseBy Nolan Hicks
June 20, 2023
The Big Apple’s rent board is set to approve hikes on Wednesday that could see the cost of an annual lease increase by as much as 5 to 7% percent, offering a conclusion to weeks of contentious public hearings that’s sure to leave both landlords and tenants unsatisfied.
The coming vote by the Rent Guidelines Board will hit the pocketbooks of the estimated 3 million New Yorkers who live in the roughly 1 million rent-stabilized units — accounting for one-third of the housing stock — across the five boroughs.
In May, the nine-person panel — which is appointed by Mayor Eric Adams — signaled it was eying hikes for new and renewed leases issued between October 1 and September 30, 2024, of 2% to 5% for a one-year deal and 4 to 7% for a two-year agreement.
A 5 percent hike would amount to an extra $100 per month for a person or household with a $2,000 rent.
That infuriated renter representatives who asked for a rent freeze, but it was far below the 14% sought by owners, who cited high inflation and energy bills to justify the request.
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Source:
https://nypost.com/2023/06/20/new-yorkers-in-rent-stabilized-apartments-brace-for-7-increase/
