Rent Stabilization Guidelines Board Set To Vote For Increase
After two years of holding steady, rent-stabilized apartments could be seeing a price increase this year.
The Rent Stabilization Guidelines Board will vote Tuesday whether to allow landlords to increase rent by 1% to 3% for one-year leases, and 2% to 4% for two-year leases. Preliminary votes show they are likely to do so, The Real Deal reports.
A study by the board found costs for landlords increased by 6.2% over the past year, in part due to a 7.8% increase on property taxes, which on average total a quarter of an apartment building's cost to landlords.
The increase comes a year after the Rent Stabilization Association filed a lawsuit against the Guidelines Board over the two-year freeze, a suit which was thrown out by the New York State Supreme Court in March.
