The Real Deal New York

Rent Guidelines Board to vote on hike for rent-regulated tenants

Despite landlord costs, de Blasio wants to exempt 1M New Yorkers from increase

May 02, 2014 09:00AM


Rachel Godsil

The city’s Rent Guidelines Board is expected to take a preliminary vote early next week on whether almost 1 million rent-regulated tenants should face a rent hike this year.

If the board were to vote in favor of a rent increase for roughly 33 percent of the rent-regulated housing units in the city, the issue would be the subject of various public hearings. The board would then vote again in late May. Mayor Bill de Blasio, who appointed six members of the nine-member board, supports making rent-regulated tenants entirely exempt from a rent increase for the rest of the 2014. Meanwhile, landlord operating costs climbed 5.7 percent in the year that ended in late March, as a result of city taxes and heating and insurance costs.

“The administration plans to undertake an ambitious agenda that confronts the affordability crisis facing the city’s tenants,” Wiley Norvell, spokesperson for de Blasio, told the Wall Street Journal. “The board’s work is only now just beginning and it has a lot more data to review and stakeholders to hear from before it considers its approach for the coming year.”

Rachel Godsil was appointed the new chair of the board last month, as previously reported. [WSJ]Mark Maurer

15 Responses to “Rent Guidelines Board to vote on hike for rent-regulated tenants”

  1. May 02, 2014 at 9:08 am, Mark said:

    how is this even possible? how are owners suppose to maintain their properties if these losers can’t increase rents year – over -year??… everything else in life gets more expensive, i don’t understand the justification to keeping rents flat….

    • May 03, 2014 at 11:18 pm, Anti Socialist said:

      Dollar bill de Blasio is running for a second term. Can’t you see this?

  2. May 02, 2014 at 9:54 am, Sh!t My Tenants Say said:

    Let’s waste more time and taxpayer $ arguing over insignificant rent increases. Many of the rents we are talking about are under <$1000, which means even a 5% increase is only <$50. This does not fix anything, yet it furthers the divide between market rate and RS.

  3. May 02, 2014 at 10:41 am, TefExpat said:

    Why does the board want to create a parasite class?

    • May 05, 2014 at 10:20 am, marknroses said:

      Because they comprise a huge voting block (i.e political). Rent stabilization is the most misguided affordable housing policy ever created.

  4. May 02, 2014 at 10:49 am, Ian MacAllen said:

    If you can’t maintain your buildings, sell them. You knew they were rent stabilized when you acquired them.

    • May 02, 2014 at 11:29 am, HughGass said:

      rent stabilization was enacted after most of the buildings were built… so, “no” is the answer to your question for many people who’ve owned them for generations.

      • May 02, 2014 at 3:37 pm, noclist said:

        Actually, most of them were built with 5% federally subsidized loans in the 50s in exchange for being under rent stabilization. You may be thinking of rent control. Different.

    • May 02, 2014 at 1:26 pm, marknroses said:

      or just let it rot until it becomes a more valuable development site for a project that appeals to higher-earning market-rate buyers/renters

  5. May 02, 2014 at 11:42 am, WannaBeLandlord said:

    Rent Guidelines Board should take a trip to Houston, TX. Brand new apartment complexes with very affordable rents cause if yah don’t pay, yah out. Texas is the king economy in this country cause free markets prevail. Plenty of high paying jobs. Even a high school dropout moron can make $60k a year.

  6. May 02, 2014 at 12:10 pm, Anon said:

    Be grateful for small things (no pun intended) – if De Blasio had the cahunas he would order a decrease in the RS apartments

    • May 03, 2014 at 11:21 pm, Pro Buisness said:

      LOL. Unfortunately with this Communist at the helm you make a reasonable point.

  7. May 02, 2014 at 12:10 pm, noclist said:

    Deblasio campaigned on rent freeze and stacked the board with pro-tenant members. Rent freeze is coming.

  8. May 02, 2014 at 12:28 pm, TefExpat said:

    He also has plans for the Projects

  9. May 02, 2014 at 4:45 pm, Les said:

    There are a lot more tenants than there are building owners to cast votes at the next election. This explains everything. I haven’t heard about real estate tax and water/sewer rate freezes to go along with the rent freeze. Of course not.

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