Rent Guidelines Board approves rent increases

June 20, 2013 9:30:34 PM PDT
The Rent Guidelines Board has approved rent increases of 4% on 1-year leases and 7.75% on 2-year leases.

These are the highest rate increases since 2008, when the RGB hiked rents 4.5% on 1 year leases and 8.5% on 2 year leases.

On Thursday, many protesters rallied for a rent freeze in Greenwich Village.

Tenant groups brought their cries in front of the nine-member mayor-appointed Rent Guidelines Board but did not succeed in swinging the vote in their favor.

Landlord owner groups are equally unsatisfied, and feel the increases are inadequate to offset operating costs. Jack Freund of the Rent Stabilization Association says its 25 thousand members running 1 million Rent stabilized apartment across New York city will likely fall behind in their property taxes.

Last year the increase was 2% and 4%.

In 2011, rents were raised 3.75% and 7.25%.