The Rent Guidelines Board will hold a final vote tonight on how much the tenants of more than one million rent-regulated city apartments will pay this fall.
Board members are gathering at Cooper Union’s Great Hall at 5:30 p.m. to consider a hike of 3 to 5.75 percent for one-year lease renewals and an increase of 6 to 9 percent for two-year lease renewals.
Buildings heated by oil would be hit with an extra 1-percent surcharge.
The Rent Stabilization Association, which represents some 25,000 property owners in the city, says raising rents are necessary to help keep up with the higher costs of running a building, such as fuel oil and rising taxes.
“The value of buildings has actually dropped this year, but tax assessments continue to go up, tax rates continue to go up, and water and sewer costs are right behind them,” said said Frank Ricci of the Rent Stabilization Association.
Tenants’ rights advocates say if there is any increase, it should be on the lower end of the range being considered by the Rent Guidelines Board.