New York City’s Rent Guidelines Board will decide Monday night whether tenants in nearly a million regulated apartments will be digging deeper into their pockets.
The vote impacts all renters since most landlords base annual rent increases on the Board’s guidelines.
Mayor Bill de Blasio says he is calling for a one-year rent freeze. He says a “course correction” is needed after what he feels were years of “unnecessary” rent increases.
The board’s research shows that more than a third of stabilized tenants are paying over half their income in rent. On the flip side, it shows a 5.7 percent rise in operating costs this year. Landlords are seeking a 6 percent increase for a one-year lease and 9.5 percent for a two-year lease.