Rent Board proposes small hike for New York City tenants

May 5, 2014 7:04:10 PM PDT
The New York City Rent Guidelines Board proposed its preliminary rent guidelines Monday night, calling for one of the smallest rent increases ever.

The proposed guidelines range from 0%-3% increases for a 1 year lease and 0.5%-4.5% increases for two year leases

There will be four public hearings throughout the boroughs in June before the Board holds their final vote on June 23rd.

There has never been a proposed rent freeze in the 46 year history of the rent stabilization system.

Last year, the Board hiked rents 4% and 7.75% on 1 and 2 year leases respectively, which was the largest increase in 5 years.

The Rent Stabilization Association, which represents 25,000 owners of one million rent-stabilized apartments in the five boroughs, called the proposals unprecedented.

"If the final increase is in this range, it will accelerate the loss of rent-stabilized housing and disinvestment in affordable housing, which will create poor living conditions for tenants," said RSA President Joseph Strasburg. "Without adequate rent increases, owners cannot be expected to repair their buildings and maintain affordable housing. If this is part of the Mayor's plan for maintaining affordable housing, then his plan is doomed to fail before it even gets off the ground."

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