NYC board votes to raise rents on stabilized apartments
NEW YORK (FOX 5 NY) - It is déjà vu all over again for New York City tenants and landlords.
The Rent Guidelines Board on Tuesday voted 5–4 to raise rents on one-year leases by 1.5% and two-year leases by 2.5% for tenants in the city's approximately 1 million rent-stabilized apartments and lofts.
That outcome is a repeat of last year's vote.
After the unprecedented rent freezes in 2015 and 2016 and modest hikes in 2017 and 2018, landlords have been calling for bigger increases to keep pace with property tax hikes, higher water bills, and cost of maintenance.
Tenants groups have said that rents are too high and advocated either a freeze or a rollback or rents.
The vote applies to leases renewing between October 1, 2019, and September 30, 2020.
Less than two weeks ago, state lawmakers voted to extend and expand the law that allows rent regulation.