We knew it was going to happen, and the Rent Guidelines Board made it official earlier this week, when the board’s 7-2 vote allowed rent increases for up to 1.25 percent for one-year leases, and 2 percent for two-year leases.
The vote Tuesday night at Baruch College in Manhattan confirmed the board’s intentions, despite the vocal opposition from tenant activists. in contrast to previous years, Mayor Bill de Blasio, who is running for re-election and has made affordable housing a central issue, had remained quiet on the matter.
The new increases are on the low end of what the board could have decided. As reported by the NYTimes, “in a preliminary vote in April, the board endorsed, by a 5-to-4 margin, a 1 to 3 percent increase on one-year leases and a 2 to 4 percent increase on two-year leases, well short of what the landlords’ biggest lobby group had been seeking. The group, the Rent Stabilization Association, had proposed a 4 percent increase on one-year leases and a 6 percent increase for two-year leases, citing steadily increasing taxes and property maintenance costs.”
Rent regulated apartments are in buildings that were built before 1974 with six or more units, and also constructed or renovated since then with special tax benefits. Although over one-million of them are scattered throughout New York City, it takes an informed agent with good relationships to help prospective tenants nab one. If you’re looking for a rent regulated apartment, the agents at Waterman Realty and Tax Pro can help. Contact us today.