Surprise: Landlords to ask for rent hike on stabilized apartments today

Rent Guidelines Board to set increases Thursday

New York /
Apr.April 26, 2018 01:45 PM

The Bronx, Joseph Strasburg and Mayor Bill de Blasio (Credit: Getty Images)

At the annual meeting of the Rent Guidelines Board, the landlord trade group plans to ask to city for 4 percent annual rent increases on stabilized apartments.

Fat chance.

Last year, the Rent Stabilization Association asked for 4 percent on one-year lease renewals and 6 percent on two-years. What they got was 1.25 and 2 percent, respectively.

“Over the past five years, the operating costs of owners of rent-stabilized apartments have increased 16 percent, while the RGB has limited rent increases on a 1-year lease to a fraction of that, 2.25 percent, over that same period — including two consecutive rent freezes,” RSA president Joseph Strasburg told the New York Post.

Tenant advocates don’t buy it. “For the last decade-and-a-half, operating costs have been flat for landlords,” said activist Mike McKee.

The Rent Guidelines Board’s annual report on landlord operating costs found that costs increased 4.5 percent between March 2017 and March 2018. Fuel costs increased the most: 16.3 percent. Rent stabilized apartments can cost as much as $2,700 a month under current laws. [NYP]Will Parker


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”
NAR's Vince Malta (Photos via NAR; Pixabay; iStock)

NAR suspends federal political donations after Capitol attack

NAR suspends federal political donations after Capitol attack
President Joe Biden (Getty; iStock)

President Joe Biden’s real estate checklist

President Joe Biden’s real estate checklist
Photo illustration of Sen. Brad Hoylman, who championed the pied-à-terre tax. (Getty)

Pied-à-terre tax revenue estimate slashed by 41%

Pied-à-terre tax revenue estimate slashed by 41%
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
Sen. Charles Schumers aid President-elect Joe Biden agreed to assist NYC. (Getty)

NYC loses $2.5B in property taxes, gets $1B from FEMA

NYC loses $2.5B in property taxes, gets $1B from FEMA
arrow_forward_ios

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

Loading...