Rent Guidelines Board narrows rent increases on stabilized units

May 02, 2012 08:30AM

The Rent Guidelines Board recommended increasing the rent on stabilized apartments in New York City, NY1 reported, but by a smaller amount than last year’s rise. Still, the decision was met by jeers from protestors during the vote. The decision approves rent growth of 1.75 percent to 4 percent for one-year lease renewals and rises of 3.5 percent to 6.75 percent on two-year leases. Last year the increases were 3.75 percent and 7.25 percent for one and two-year leases, respectively.

Protestors held signs reading “Tenants are the 99 percent” and others shouted “Greed” and “Shame on Bloomberg,” according to the New York Times. NY1 also reported that protestors accused the board of blindly accepting Mayor Michael Bloomberg’s policies.

But property owner advocates were also unhappy with the proposed rent increases. They say the gains in revenue wouldn’t offset the growing costs from rising property tax rates, water and sewer rates and the price of oil. [NY1] and [NYT]