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
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Protestors in support of street vendors gather in Hudson Yards on May 7, 2021 (Getty)
“More churros, less cops”: Vendors and Related face off
“More churros, less cops”: Vendors and Related face off
From left: 944 Fifth Avenue, 67-69 East 93rd Street and 15 East 88th Street (Google Maps)
Three Manhattan sellers aim high asking $25M+ for luxury pads
Three Manhattan sellers aim high asking $25M+ for luxury pads
Hamptons businesses desperate for workers
Hamptons businesses desperate for workers
Hamptons businesses desperate for workers
Non-New York residents who worked remotely last year will still have to pay New York taxes. (iStock)
NY tax officials crack down on remote workers
NY tax officials crack down on remote workers
(iStock)
Job recovery sputters, but hospitality & leisure add hiring
Job recovery sputters, but hospitality & leisure add hiring
arrow_forward_ios

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

Loading...