Rent Guideline Board considers small rent hike for 1 million tenants

The Rent Guideline Board proposed raising one-year leases by zero to 3 percent. Residents with two-year leases might see a 0.5 to 4.5 percent jump.

new york city rent control The city's Rent Guideline Board floated the idea of raising the cost one-year leases by up to 3 percent. Residents with two-year leases might see a 0.5 to 4.5 percent jump.
Credit: Prime New York City

 

Tenants in rent-regulated apartments might catch a break this year as the board responsible for determining hikes considers a price freeze.

 

The city's Rent Guideline Board floated the idea of raising one-year leases by between 0 and 3 percent. Residents with two-year leases might see a 0.5 to 4.5 percent jump. Eight board members voted in favor of the proposal, one against.

 

The vote on Monday was only preliminary — the board plans to host a series of public hearings across the city where tenants can offer testimony. The final decision won't be made until the final vote on June 23.

 

New York has about 1 million rent-stabilized apartments, which fall under the board's purview. If the board approves the rent freeze, it will be the first time it does so since its creation in 1969.

Representatives for building owners, including the Rent Stabilization Association, recommended increases of between 3.6 and 5.5 percent for a one-year lease and between 4.3 to 9.5 percent for two-year leases.

Last year, the board upped rent by 4 percent for one-year lease renewals and up to 7.75 percent for two-year leases.

Mayor Bill de Blasio, who unveiled his comprehensive plan to preserve and expand the city's affordable housing stock on Monday, appointed five members to the board in March.


Public testimony schedule


Thursday, June 12 at 5 p.m.
Hostos Community College/CUNY Repertory Theatre
450 Grand Concourse
Bronx, NY 10451

Monday, June 16 at 2 p.m.
Emigrant Savings Bank Building
49-51 Chambers St.
New York, NY 10007

Wednesday, June 18 at 5 p.m.
Brooklyn Borough Hall
209 Joralemon St.
Brooklyn, NY 11201

Thursday, June 19 at 5 p.m.
Queens Borough Hall
120-55 Queens Blvd.
Kew Gardens, NY 11424

Final Vote
Thursday, June 23 at 6 p.m.
The Great Hall at Cooper Union
7 E. Seventh St.
New York, NY 10003

Follow Chester Jesus Soria on Twitter@chestersoria

 
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