Last night, the Rent Guidelines Board voted 5-4 to propose rent hikes for rent-stabilized apartments on the order of 2-4.5% for one-year leases and 4-7.5% for two-years leases. Loft rent increases would be 2-4% for one-year leases, 4-7% for two-year leases.
The NY Times says these proposed increases "could mean smaller increases than last year’s," and the Post says the increases could fall in the "middle range" of about 3.25% and 5.75%. Last year, the increases were 4.25% for one-year leases and 7.25% for two-year leases and they were the biggest increases since 2003. From the Post:
While three new members were appointed to the board this year, the script was as predictable as ever.
The two landlord representatives suggested increases of 5.5 and 9.5 percent and were promptly voted down 7-2. The landlord representatives called for a rent freeze and were shot down by the same 7-2 margin.
Public member Jonathan Kimmel then recommended the range that was adopted in a quick 5-4 vote.
The arguments put forward by both sides were also familiar.
Landlords warned that owners on the margins would get out of the business or go under.
Tenants decried the continuing loss of apartments the middle class could afford.
Last night's meeting at Cooper Union's Great Hall had extra security, but only 60 attendees. One told WNBC that the process was terrible and implied the RGB made it so to bore people into not wanting to participate. Interestingly, both tenants and landlords think the selection of ranges is bad and would prefer specific numbers. There are about 1 million rent-stabilized apartments in the city. A retired schoolteacher who lives in Stuyvesant Town told the Times, "It all just keeps adding up. They are not going to have any teachers or police officers left in the city. On retired income, there is no affordable housing left in the city.”
The RGB will hold three meetings for public comment. For some reason, the RGB website is down (it's been down for a while - a nefarious plan to keep people away from meetings?), but we've put the meeting times and locations after the jump. The final vote will be on June 26, at Cooper Union's Great Hall, 5:30PM-9:30PM.
