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Rent Guidelines Board

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business2 years ago•2 min saved

Rent hikes approved for NYC and Nassau rent-regulated units

The Rent Guidelines Board has approved rent increases for New York City's approximately one million rent-stabilized apartments. Landlords will be able to increase rent by 3% on one-year leases and 2.75% for the first year on two-year leases, and 3.2% for the second year. The rent increases apply to new leases signed on or after Oct. 1, 2023. Tenants and advocates had decried the proposed rent hikes, calling for a rollback or freeze on rent instead. The Legal Aid Society criticized the Rent Guidelines Board's decision, while the Rent Stabilization Association said the board ignored their own data.

via PIX11 New York News|

#business #new-york-city #rent-guidelines-board

business2 years ago•2 min saved

Rent stabilization votes spark controversy in major US cities.

The Rent Guidelines Board passed a preliminary first vote on proposed rent hikes for one-year and two-year leases for rent-stabilized apartments in New York City. The potential adjustment could increase rent 2-5% for one-year leases and 4-7% for two-year leases. Landlords and tenant advocates increased the pressure on the Rent Guidelines Board ahead of the vote on Tuesday night. The decision will impact nearly 2 million New Yorkers.

via WABC-TV|

#business #landlords #rent-guidelines-board

politics2 years ago•2 min saved

NYC Panel Votes on Rent Hikes for Millions of Rent-Stabilized Apartments

The Rent Guidelines Board, a nine-member panel in New York City, is expected to vote in favor of rent increases for nearly one million rent-stabilized apartments, which make up about 44% of all NYC rentals and are home to roughly two million people. The median rent in rent-stabilized apartments is $1,400, making them a crucial source of lower-cost housing in one of the most expensive cities in the nation. The vote is a flashpoint in the long-running dispute between renters and landlords over the cost of living, with tenants calling for a freeze and landlords saying they need more rent revenue to make up for increasing costs. The final vote will come in June.

via The New York Times|

#housing-crisis #new-york-city #politics

business2 years ago•2 min saved

NYC Rent Board Considers 16% Increase for Rent-Stabilized Apartments

The New York City Rent Guidelines Board is considering a 15.75% rent increase for two-year leases in nearly one million rent-stabilized apartments, which would be the largest increase in decades. The board will hold public hearings before setting the maximum allowed rent increase on new leases for the coming year. While this increase only applies to rent-stabilized housing, it's unclear how it will affect unstabilized rental apartments. Several groups representing renters spoke out against the potential sharp increase, while the Rent Stabilization Association cited inflation and rising costs for landlords as factors.

via WABC-TV|

#business #nyc #public-hearings