Expand / Collapse search
☰

NYC board votes to raise rents after 3-year freeze

Published  June 27, 2017 9:53pm EDT
Business
FOX 5 New York

NEW YORK (FOX 5 NEWS) - For the first time in three years, New York City's Rent Guidelines Board has voted to raise rents on one-year leases for New Yorkers in rent-stabilized apartments.

The board voted 7-2 to raise rents on one-year leases by 1.25 percent and by 2 percent on two-year leases.

New York City has about a million rent-stabilized apartments. Landlords have been calling for increases, saying that rental income isn't keeping pace with property tax hikes, higher water bills, and cost of maintenance.

The vote applies to leases renewing between October 1, 2017, and September 30, 2018.

In 2015 and 2016, the board voted to freeze rents. That was unprecedented.