Vote could lead to “unprecedented” rent freeze

Board gives preliminary OK to plan barring hike for some non-market-rate tenants

New York /
May.May 06, 2014 08:30 AM

The city’s Rent Guidelines Board took a preliminary vote on Monday in favor of a potential rent freeze for rent-stabilized tenants with one-year leases. If approved next month in a final vote, it would be a first for the city.

Under the plan, tenants with one-year leases could see a rent hike between 0 and 3 percent, meaning there might be no increase at all. Rent increases for two-year leases would be in range of 0.5 percent and 4.5 percent. The board approved the proposal by 8-to-1 on a preliminary basis, though some landlords are unhappy with the initial outcome. Percentages would be set at the time of the final approval.

“It is outrageous. It is unprecedented,” Jack Freund of the Rent Stabilization Association told the New York Daily News.

Mayor Bill de Blasio, who supports a one-year freeze for rent-stabilized tenants, appointed six members of the nine-member board to date. [NYDN]Mark Maurer


Related Articles

arrow_forward_ios
John Catsimatidis and 670 Pacific Street (Getty, StreetEasy)
Catsimatidis notches win for landlords in 421a suit; tenants vow to appeal
Catsimatidis notches win for landlords in 421a suit; tenants vow to appeal
Gary Barnett has another problem at UES site: a stabilized tenant
Gary Barnett has another problem at UES site: a stabilized tenant
Gary Barnett has another problem at UES site: a stabilized tenant
RSA President Joe Strasburg (Jefferson Siegel) and Governor Cuomo (Getty)
Landlords ask Cuomo to ditch eviction ban after ending Covid restrictions
Landlords ask Cuomo to ditch eviction ban after ending Covid restrictions
The Mercedes House (Photos via Instrata, Ten Arquitectos)
Nab this rent-stabilized penthouse for $8K per month
Nab this rent-stabilized penthouse for $8K per month
(Getty)
Where the lawsuits challenging NY’s 2019 rent law stand
Where the lawsuits challenging NY’s 2019 rent law stand
Gov. Andrew Cuomo (Getty, iStock)
New York’s rent relief site goes live — without applications
New York’s rent relief site goes live — without applications
Carl Heastie, Andrew Cuomo and Andrea Stewart-Cousins. (Getty)
NY close to approving $2.4B rent relief bill — but its rollout will be the real test
NY close to approving $2.4B rent relief bill — but its rollout will be the real test
Sen. Jabari Brisport (Photo via Jabari for State Senate; iStock)
Socialist notches key NY Senate appointment
Socialist notches key NY Senate appointment
arrow_forward_ios

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

Loading...