Rent Guidelines Board approves first rent hike in three years

Cost of one-year leases to go up 1.25%

New York /
Jun.June 28, 2017 09:40 AM

Rents for New York’s stabilized apartments are set to rise for the first time in three years after the Rent Guidelines Board approved a 1.25 percent hike for one-year leases and a 2 percent hike for two-year leases.

The decision, reached in a 7-2 vote, applies to leases signed between October 2017 and September 2018.

Tenant advocates criticized the rent hike. “Without any more income, we have to pay more to the landlords who are getting richer and richer off our backs,” Bronx resident Althea York told the New York Daily News.

But a spokesperson for Mayor Bill de Blasio countered that the past four years taken together saw the slowest rent growth in history. “We will never go back to the days when the landlord lobby got big rent hikes regardless of what the data said,” the spokesperson said. [NYDN]Konrad Putzier 


Related Articles

arrow_forward_ios
From left: Fannie Mae's Hugh Frater and Freddie Mac's Michael DeVito
Government to back home loans over $1M
Government to back home loans over $1M
(Getty/Illustration by The Real Deal)
TRD Pro: 7% mortgage rates are not so bad
TRD Pro: 7% mortgage rates are not so bad
Case-Shiller, Home Prices, Housing Market, Residential Real Estate
US home prices lose more momentum
US home prices lose more momentum
City Council Member Robert Holden (Getty)
Bill would expose Council members’ rent-stabilized status
Bill would expose Council members’ rent-stabilized status
56 Middagh Street and 50 Bridge Park Drive #20B (Streeteasy, Quay Tower BK, Getty)
Brooklyn Heights townhouse, Quay Tower score borough’s biggest contracts
Brooklyn Heights townhouse, Quay Tower score borough’s biggest contracts
(Getty Images)
Tenants attack landlords in two separate incidents
Tenants attack landlords in two separate incidents
One of the two Avalon lots sold to an unnamed businessman (Google Maps)
Two Jersey Shore lots sell for record $21M
Two Jersey Shore lots sell for record $21M
(Getty Images)
LA developer doubled as abusive porn director, documentary alleges
LA developer doubled as abusive porn director, documentary alleges
arrow_forward_ios

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

Loading...