In its first public meeting this year the NYC Rent Guidelines Board which determines allowable rent increases in the almost one million rent stabilized apartments in the city came back with an unusually low range of increases. For one year leases the Rent Guidelines Board has suggested a rent increase range from 0% - 3%. For two year leases the board has suggested a rent increase range of .5% - 4.5%. This is the lowest rent increase proposal in many years. The possibility of a 0% rent increase for the one year lease would be the lowest rent increase since the Rent Guidelines Board was created in 1969.
The board consists of nine members - there are two members who represent tenants, two members who represent landlords, and five members of the public who have experience in housing, finance, or economics. The proposed Rent increase to take effect in October passed the first hurdle by an 8 - 1 vote. Tenant groups have lauded the proposed rent hikes, while representatives of owners are outraged by a possible 0% increase.
Last year the Rent Guidelines Board voted for a 4% increase for a one year lease, and 7.75% increase for a two year lease. The final decision of the Rent Guidelines Board will be announced at the boards June 23rd meeting at Cooper Union.
It is anticipated that the Rent Guidelines board will come in with a figure some where in the middle as has been done in the past. This will be the first test of how Mayor de Blasio is going to do on his commitment of building more affordable housing.
