The Real Deal New York

Rent Guidelines Board to consider 0-2 percent increase

Could this be the year that de Blasio gets his rent freeze?
April 30, 2015 10:00AM

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