The Real Deal New York

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

Rent Guidelines Board to set increases Thursday
April 26, 2018 01:45PM

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