New York City’s Rent Guidelines Board voted to hike rates for the city’s rent-stabilized housing stock, ending a two-year freeze.
The board voted seven in favor with two opposed to increase rents by 1.25 percent for one-year lease extensions and 2 percent for two-year lease extensions for rent-stabilized lofts and apartments. The two dissenting votes were cast by board members representing rent-stabilized landlords.
The Rent Stabilization Association — an organization which represents 25,000 landlords owning about one million rent-stabilized units — panned the board for passing the first resolution it heard Tuesday night. The resolution was proposed by the board’s tenant representatives and passed seven to two, which is a rare occurrence, RSA spokesman Jack Freund told Patch.
The results of the vote — a 1.25 percent increase on one-year lease extensions and a 2 percent increase on two-year lease extensions — were criticized by tenant activists and landlords alike. As usual tenants wanted a reduction in rent and landlords wanted larger increases.
The new guidelines for rent-stabilized lease extensions will take effect on Oct. 1 and end Sept. 30, 2018, according to the Rent Guidelines Board proposal. Read more at PATCH.