City rent freeze hangs in balance as final vote looms

The Rent Guidelines Board will vote on one of four proposals that will impact New Yorkers with rent-stabilized apartments on Tuesday night. (Pixabay)

Pixabay

The 1 million New Yorkers living in rent-stabilized apartments will find out tonight just how much their rent will increase.

 

The Rent Guidelines Board will hold its final vote on the 2017 Apartment & Loft Order No. 49 on Tuesday at 7 p.m. at Baruch College’s Mason Hall on the corner of Lexington Avenue and 23rd Street.

 

Among the proposals, which the board approved implementing in a 5-4 vote back in April, are rent hikes of 1 to 3 percent on one-year leases and 2 to 4 percent on two-year leases, which would go into effect on lease renewals after Oct. 1. Landlords initially wanted a 4 to 8 percent jump, NY1 reported. 

 

“Landlords of rent-stabilized apartments are the solution, not the problem,” Joseph Strasburg, president of the Rent Stabilization Association, wrote in a New York Post op-ed Monday. “But it is difficult for them to provide quality, affordable housing in an economic environment where rental income is frozen and operating costs and expenses are rising.”

 

The Rent Stabilization Association represents 25,000 landlords across New York City. The nine members of the Rent Guidelines Board are appointed by Mayor Bill de Blasio.