Tenants celebrate preliminary OK on rent freeze

Board's proposal given a good chance of passing at hearing on June 23

TRD New York /
May.May 06, 2014 05:35 PM

At the Rent Guidelines Board’s preliminary vote Tuesday, renters celebrated the proposed rent renewal increase range and the potential for a rent freeze in a one-year lease.

A yearly rent adjustment range of between 0 and 3 percent snagged a favorable vote of 8 to 1, as did a proposed increase between 0.5 and 4.5 percent for two-year leases, NY1 reported. Last year, by comparison, rents rose 4 percent for one-year leases and 7.75 percent for two-year deals.

The vote included a potential rent freeze for one-year leases, which was one of Mayor Bill de Blasio’s campaign pledges. Among those who voted in favor of the freeze was one landlord representative, a rare occurrence as most landlord representatives have typically opposed freezes, as NY1 reported.

“The fact that we have the tenant representatives and a landlord representative and two people who were appointed under the Bloomberg administration agreeing that this is a fair range suggests that we are doing our job and we’ve created a fair range,” Rachel Godsil, the newly-appointed Rent Guidelines Board chair, told NY1.

Not everyone was in a celebratory mood, however, as other landlords complained of rising costs not being met by these increases. A final vote will be held on June 23. [NY1] — Sasha von Oldershausen


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

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”

Some landlords say they plan to close the door to vacant apartments and wait for the laws to change (Credit: iStock)

Creative ways NYC landlords are getting around the new rent rules

Jay Martin, James Whelan and Joe Strasburg

Rent-pocalypse 2.0: Real estate industry reacts to tenant demands

Cases to challenge tenant residency have declined since June (Credit: iStock)

More rent-law fallout: Landlords back off “absentee” tenants

10 Hanover Square (Credit: Google Maps)

FiDi landlord violated rent stabilization regs for years: lawsuit

Here’s why landlords don’t hate California’s rent control bill

When Bill de Blasio announced the end of his campaign, the industry reacted largely with relief but not surprise (Credit: Getty Images and Pixabay)

De Blasio’s campaign is dead, and real estate is happy

arrow_forward_ios