Rent Guidelines board votes to freeze rents for 1-year leases

Board voted for 2% increase on two-year leases

TRD New York /
Jun.June 27, 2016 08:58 PM
 

The city’s Rent Guidelines board voted Monday evening to extend the rent freeze on one-year leases for rent-stabilized apartments, in a repeat of last year’s vote. The board also called for a 2 percent increase for two-year leases.

Real estate investors have argued that a rent freeze puts a damper on the city’s multifamily investment sales market, as there over 1 million rent-stabilized apartments in the city — nearly half of the city’s rental stock.

“Another abhorrent illustration of de Blasio’s politics dictating housing policy,” Joseph Strasburg, president of the Rent Stabilization Association, a landlord group, told the Wall Street Journal.

Tenant advocates, however, were pushing the board to consider rolling back rents, saying that property owners’ expenses have gone down.

The Rent Guidelines Board’s chairperson, Kathleen Roberts, told the newspaper that the vote reflected lower operating costs for rental landlords over the past year, driven by a drop in heating-fuel prices. [WSJ] Hiten Samtani

 
 

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

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

Cea Weaver (Credit: Elijah Stevens)

The tenant movement’s giant killer

The state’s guidance has left some in the industry scratching their heads. (Credit: iStock)

State punts question of rent increases on vacant stabilized apartments to city

arrow_forward_ios