Rent Guidelines Board to consider 0-2 percent increase

Could this be the year that de Blasio gets his rent freeze?

New York /
Apr.April 30, 2015 10:00 AM

The Rent Guidelines Board voted to consider a 0 to 2 percent increase in rent for stabilized apartments with one-year leases, while stabilized apartments with two-year leases will face an increase of .5 percent to 3.5 percent.

The vote Wednesday night happened in a rowdy Midtown auditorium, with tenants’ rights advocates chanting in protest of anything short of a rent reduction.

Mayor Bill de Blasio has campaigned publicly for a rent freeze on rent-stabilized apartments in the past, but this year he has not spoken publicly about his wishes, according to the New York Times. Last year, following de Blasio’s crusade for a rent freeze, the Rent Guidelines Board voted for historically low increases of just 1 percent for one-year leases and 2.75 percent for two-year leases.

This year, due largely to falling oil prices, landlords’ operating costs were estimated to have increased just .5 percent, which could set the stage for a rent freeze. This is also the first year to have a board appointed entirely by de Blasio, led by chair Rachel Godsil.

The final vote to determine this year’s allowable increases will be on June 24. [NYT] — Tess Hofmann


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

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws

Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws

Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws
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”

New NYC rent law “beginning to shut down investment”
Charles Kushner and 18 Sidney Place (18 Sidney Place via StreetEasy)

Tenants get class-action status against Kushner in Brooklyn rent case

Tenants get class-action status against Kushner in Brooklyn rent case
A new report argues that distress and declining values in rental properties is an opportunity for decommodification of multifamily buildings. (iStock; Chart via Furman Center)

Tenant group sees opportunity in multifamily foreclosures: report

Tenant group sees opportunity in multifamily foreclosures: report
Bronx Assembly member Jeffrey Dinowitz and Gov. Andrew Cuomo (Getty)

Landlords face hard deadline on court-ordered building repairs

Landlords face hard deadline on court-ordered building repairs
New York Community Bank president Joseph Ficalora (Facebook; iStock)

NYC’s largest multifamily lender says rent collections are at pre-pandemic levels

NYC’s largest multifamily lender says rent collections are at pre-pandemic levels
New York Attorney General Letitia James and 63-36 99th Street in Rego Park (Getty; StreetEasy)

“Not on my watch”: AG Tish James fines developers who violated 421a

“Not on my watch”: AG Tish James fines developers who violated 421a
arrow_forward_ios

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

Loading...