Rent Guidelines Board Approves 4 Percent Increase on Stabilized Apartments

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The Rent Guidelines Board has approved a nearly 4 percent hike for rent-stabilized apartments in the city, affecting some 1.1 million apartments by 3.75 percent for one-year renewals and 7.25 percent for two-year contracts, the New York Daily News reported. The hikes will take effect October 1.

“It’s very disappointing,” said Jesse Duperon, who lives in a rent-stabilized unit in the East Village. “They’re turning their backs on the New Yorkers that stood through the crisis of 9/11.”

The increases are more substantial than those of the past two years, the Daily News said. Last October, the board approved increases of 2.25 percent for one-year lease renewals and 4.5 percent for two-year deals.

There some good news for tenants: The board vetoed a 1 percent surcharge for oil-heated buildings to compensate owners for rising prices.

Source: The Real Deal

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7 Responses for “Rent Guidelines Board Approves 4 Percent Increase on Stabilized Apartments”

  1. Joseph Rivers says:

    If only we had a Governor who let the so called same sex “marriage” bill fail and protected tenants from a rent increase but this idiot Governor is the worst of both worlds.

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  3. Joseph Rivera says:

    Haha what a joke. I would rather pay the one percent surcharge for oil-heated buildings. Always trying to convey that the government is “helping” us but in reality most of the people are just worried about their own pockets. With all of the people in congress and all the senators why havnt they devised a plan to get us on our feet. Instead of just pushing is back down. The people of the united states barely make their payments now and they want to raise the percentage on stabilized apartments by four percent.

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