Too High Or Not High Enough? Rent-Stabilized Tenants Face Increase
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The Rent Guidelines Board voted last night to increase the rent for the city's one million rent stabilized apartments, and as usual, neither tenants nor landlords are happy about the amount of the increase.
The Rent Guidelines board voted five to four to approve rent hikes of three percent for one-year lease renewals and 5.75 percent for those who sign a two-year lease anytime after October 1st.
The vote came after a heated meeting where tenants voiced their concerns. Many clamored for no increase at all, but building owners were calling for even bigger increases to cover rising costs.
"[It’s] very bad,” said Diane Kline, a resident of a rent-stabilized building. “This is an ever increasing spiral that we're going through. What is happening is we're driving the middle class out of New York completely.”
“We have a process, you know,” said Rent Guidelines Board Chair Marvin Markus. “We don't come here with our mind made up. What is made up in our minds is that we have to do our job, not the number."
This year's increases are smaller than last year's hikes of 4.25 percent on one-year renewals and 7.25 percent for two-year terms.
The increases will take effect October 1st.