Rent Guidelines Board okays 3.75 percent hike for stabilized units

TRD NEW YORK /
Jun.June 28, 2011 09:13 AM

The Rent Guidelines Board has approved a rent hike for rent-stabilized apartments in the city, affecting some 1.1 million apartments with a 3.75 percent increase for one-year renewals and 7.25 percent for two-year contracts, the New York Daily News reported. The hikes will take effect October 1.

“It’s very disappointing,” said Jesse Duperon, who lives in a rent-stabilized unit in the East Village. “They’re turning their backs on the New Yorkers that stood through the crisis of 9/11.”

The increases are more substantial than those of the past two years, the Daily News said. Last October, the board approved increases of 2.25 percent for one-year lease renewals and 4.5 percent for two-year deals.

There is some good news for tenants: The board vetoed a 1 percent surcharge for oil-heated buildings to compensate owners for rising prices.

Still, renters were furious. “This is not based on vacancy rates or what people can afford,” said one angry renter Joel Schiff. [NYDN]


Related Articles

arrow_forward_ios
Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies

Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws

Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws

Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

From left: Slate Property Group's David Schwartz, Patrick Jenkins, Assembly Speaker Carl Heastie, Senate majority leader Stewart Cousins, and Julia Salazar (Credit: Getty Images)

Two takeaways for real estate from Albany’s power weekend

 Isaac Kassirer with the apartments at East 117th Street (Credit: iStock, Google Maps)

Con Ed threatens to pull plug on four Dawnay Day buildings

Watch The Real Deal's Erin Hudson explain the breaking broker fee news on CBSN

TRD on TV: Erin Hudson talks broker-fee shocker on CBS

Congresswoman Nydia Velasquez and State Senator Julia Salazar (Credit: Getty Images)

“Good cause” eviction bill amended, advances in Albany

NYCHA housing (Credit: Wikipedia)

Feds launch investigation into landlords’ lead levels

arrow_forward_ios
Loading...