Rent Increase Approved for NYC Stabilized Homes

By Hamodia Staff

(123rf)

A city board approved rent increases for stabilized housing units in New York City Monday night, while tenants’ rights groups protested, leading to some arrests.

The Rent Guidelines Board, in a 5-4 vote, approved increases of 2.75% for one-year leases; two-year contracts can be increased up to 5.25%.

According to The Gothamist, there are around two million New Yorkers who live in rent stabilized homes – generally including units built between the years of 1947 and 1973.

Landlord groups hailed the increase, saying that it’s necessary to cover rising operational and repair costs.

“Without them, owners can’t keep up with spiking insurance premiums, property taxes, mandates from City Hall that require things like reducing carbon footprint and basic safety and livability requirements,” Michael Tobman of the Rent Stabilization Association told CBS.

“Upkeep, maintenance, meeting escalating costs, increases in taxes, insurance, water, sewer rates, inflation,” said Kelly Farrell, the group’s policy analyst.

All members of the RGB are mayor-appointed, but not all were hired by current Mayor Eric Adams. “We are grateful for the board’s careful consideration of the data and their decision to limit increases this year,” Adams said. “As we have said from day one, the only way to ultimately lower rents is to build more housing.”

Public Advocate Jumaane Williams was critical of the decision.

“When you raise the rents people cant afford it. The housing crisis is getting worse and so it’s disappointing to see what this administration decided to do,” Williams told CBS.

Increases as high as 4.5% and 6.5% were under consideration.

To Read The Full Story

Are you already a subscriber?
Click to log in!