Rent-regulated apartments will see largest hike since 2008

New York /
Jun.June 21, 2013 08:30 AM

A mayoral panel voted for a rent increase of at least four percent for nearly a million city tenants in rent-regulated apartments, the greatest hike since the financial crisis five years ago, the Wall Street Journal reported.

The Rent Guidelines Board approved an increase of 4 percent for one-year leases and 7.75 percent for two-year leases. The changes will take effect on or after October 1.

Mayoral hopefuls City Council Speaker Christine Quinn, City Comptroller John Liu and Public Advocate Bill de Blasio had previously joined forces with tenant groups to call for a complete rent freeze. After the vote, Quinn chastised the board’s decision.

“The Rent Guidelines Board had an opportunity to protect tenants, an opportunity the Board squandered when they chose to subject New Yorkers to disruptive rent hikes instead,” Quinn said in a statement.

Landlords said the hike would make up ground lost over previous years, but still won’t meet their needs in some buildings where tenants pay very low rents. In some years, the board had adopted minimum increases for apartments renting for less than $1,000 a month, but didn’t do so this year. [WSJ]  – Hiten Samtani


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
This former plantation in Virginia was purchase by an Air Force veteran who later found out his relatives had been enslaved there. (Google)
Air Force vet unknowingly buys home where his ancestors were enslaved
Air Force vet unknowingly buys home where his ancestors were enslaved
The Colorado Fire burns down toward the Bixby Bridge in Big Sur, California, early Saturday morning. (Photo by Karl Mondon/MediaNews Group/The Mercury News via Getty Images)
Wildfire near Big Sur sends hundreds fleeing
Wildfire near Big Sur sends hundreds fleeing
360 Kingsland Avenue in Greenpoint, Brooklyn (Google)
Sitex Group pays $30M for Greenpoint industrial property
Sitex Group pays $30M for Greenpoint industrial property
(Getty)
Intel investment in new Ohio chip plant could reach $100B
Intel investment in new Ohio chip plant could reach $100B
Et tu, Caravaggio? Roman home asking $534M gets zero bids at auction
Et tu, Caravaggio? Roman home asking $534M gets zero bids at auction
Et tu, Caravaggio? Roman home asking $534M gets zero bids at auction
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...