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In a 5-to-4 vote, New York City's Rent Guidelines Board voted to approve rent increases. One-year leases will rise by 2.75%, while two-year leases will rise by 5.25%.
The median rent-stabilized apartment goes for $1,500 a month, meaning a 2.75 percent increase works out to a $41 monthly rent increase. While rent-stabilized tenants' incomes are lower on average ...
New York City's Rent Guidelines Board, the group in charge of establishing the lease guidelines for rent-stabilized homes, held a preliminary vote on May 5 on a range of rent increases in the city....
Failure to provide these may allow the tenant to receive a lower rent. [4] Outside of New York City, the state government determines the maximum rents and rate increases, and owners may periodically apply for increases. In New York City, rent control is based on the Maximum Base Rent system. A maximum allowable rent is established for each unit.
According to Sharon Otterman and Matthew Haag of The New York Times, the HSTPA "mark[s] a turning point" for the millions of New Yorkers living in rent-stabilized apartments "after a steady erosion of protections and the loss of tens of thousands of regulated apartments." [7]
The powerful panel that sets housing costs in about 1 million rent-regulated apartments in New York City voted Tuesday night to approve the largest increases in almost a decade: 5% for two-year ...