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No Freeze: Rent Guidelines Board Votes For 1%, 2.75% Increases
By
Jen Chung
Published Jun 24, 2014
Modified Jun 24, 2014
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By
Jen Chung
Published Jun 24, 2014
Modified Jun 24, 2014
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Though many people, including Mayor de Blasio, had been pushing for a rent freeze, the Rent Guidelines Board decided on increases of 1% for one-year leases and 2.75% for two-year leases. While these are the lowest increases ever for the board, which regulates about 1 million rent-stabilized apartments in NYC, many were upset. [Read our coverage of the meeting here.]
The vote was 5-4 in favor of the low increases; six of the members of the board were appointed by de Blasio. The Post reports, "The slight increases were proposed by RGB member Steven Flax, a de Blasio appointee who is vice president for community development at M&T Bank. 'It costs money to run buildings and I do believe that my proposal is sincerely a historic change,' Flax said at a raucous meeting at Cooper Union in the East Village. He conceded, 'It is not a political win for the mayor.'"
According to the Daily News, the increases amount "to a monthly increase of about $9 for the average one-year lease, and about $25 per month for the average two-year lease."
The hikes start October 1. And, FWIW, last year the board voted on increases of 4% for one-year leases and 7.75% for two-year leases, the highest in five years.
Tagged
real estate
rent
rent guidelines board
RGB
the rent is too damn high
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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