A preliminary vote by the New York City Rent Guidelines Board on Thursday night proposed the largest hike for rent-stabilized apartments in nearly a decade, leaving neither tenants or landlords pleased.
The outcome of the vote, which was held virtually, proposed a rent increase of 2-4% for one-year leases, and a 4-6% increase for two-year leases for rent-regulated apartments and lofts.In keeping with tradition, neither tenants nor landlords were satisfied with the outcome. The figure was too much for tenants and not enough for landlords.
"We're coming to live with you," said Sheila Garcia, a Rent Guidelines Board tenant member."People are suggesting that maybe when they get evicted that maybe they can come live with you because of these increases." It comes after two years of rents either frozen or increases kept unusually low due to the COVID-19 pandemic, along with eight years of mostly modest increases during the de Blasio administration.
"We've heard that number - 9%," said Robert Desir of the Legal Aid Society."I think that will have a devastating effect on tenants that live in the rent stabilized housing stock tenants who have not seen their wages increase. Tenants who are having difficulty keeping pace with inflation, tenants who have not recovered from the pandemic."The panel had voted for almost a decade to keep landlords from imposing significant rent increases.
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