Board Votes to Hike Rents For NYC Residents

NEW YORK (AP) -

New York City tenants in nearly a million regulated apartments will be digging deeper into their pockets.

The Rent Guidelines Board on Monday voted 5-4 to raise rents on stabilized apartments by 1 percent on one-year leases and 2.75 percent on two-year leases. The vote impacts all renters since most landlords base annual rent increases on the Board’s guidelines.

Mayor Bill de Blasio had called for a one-year rent freeze, saying a “course correction” was needed after 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, there was a 5.7 percent rise in operating costs this year. And landlords say their costs exceed those numbers. They had sought a 6 percent increase for a one-year lease and 9.5 percent for a two-year lease.

Council Speaker Melissa Mark-Viverito called the vote “disappointing.”

“While we appreciate that the increase was kept to a minimum, as our city’s housing crisis comes to a head, it’s crucial that we utilize every opportunity to fight for and preserve affordability for the New Yorkers who call this city home,” she said.