NYC landlords are probably going to dance in the streets on Tuesday

Rent Stabilization Guidelines Board is poised to vote in favor of rent increase

New York /
Jun.June 22, 2017 10:00 AM
 

The city’s Rent Stabilization Guidelines Board is poised to take a final vote Tuesday on whether or not to increase rents by at least 1 percent.

The board is likely to favor an increase given its preliminary vote earlier this year. In April, the board voted to increase rents by 1 to 3 percent for one-year leases and two to four percent for two-year leases.

The decision was partly shaped by a board study that showed landlord costs rose substantially last year, the Wall Street Journal reported. According to the report, costs jumped 6.2 percent over the past year. Property taxes, which make up roughly a quarter of all costs, rose 7.8 percent, according to the study. (The Real Deal also studied the issue in April.)

For the past two consecutive years, the board has voted to freeze rents on one-year leases. The decision hasn’t sat well with landlords. The Rent Stabilization Association filed a lawsuit last year challenging the latest rent freeze, but a New York State Supreme Court tossed the complaint in March.

The group has argued that the nine-person board has favored tenants due to the influence of Mayor Bill de Blasio.

“The tenants are on a tear because they are playing the game on home turf,” Jack Freund, executive vice president of the Rent Stabilization Association, told the Journal. [WSJ] — Kathryn Brenzel 


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”
Joan Collins and 110 East 57th Street #8EFG (Getty, BHS)

Soap star Joan Collins lists longtime Midtown pied-à-terre

Soap star Joan Collins lists longtime Midtown pied-à-terre
Tommy Hilfiger and his recently sold estate in Greenwich, CT. (Getty, Janet Milligan)

Tommy Hilfiger’s Greenwich estate sells for $45M

Tommy Hilfiger’s Greenwich estate sells for $45M
Jenna Ryan was part of a group who flew on a private plane from Denton, TX, to Washington, D.C., with the intention of joining the protestors (Twitter.com/DotJenna)

Texas Realtor faces criminal charges for role in Capitol attack

Texas Realtor faces criminal charges for role in Capitol attack
Porch CEO Matt Ehrlichman (iStock)

Porch snaps up four startups for over $122M

Porch snaps up four startups for over $122M
Nir Meir Asks Court to Stop Eviction (Google Maps)

Nir Meir seeks to throw out Hamptons ejection suit

Nir Meir seeks to throw out Hamptons ejection suit
arrow_forward_ios

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

Loading...