New York City's Rent Guidelines Board is considering increasing rent to as much as 4.5% for one-year leases and 6.5% on two-year leases. FOX 5 NY's Stephanie Bertini has the latest.
New York City ’s housing stock is set to grow even more distressed after the Rent Guidelines Board just voted yet again to limit increases for a million rent-stabilized apartments to less than the inflation rate.But that’s not remotely as much as landlords’ costs have risen, and many of them have no fat left to cut.Set aside those first nine years: Just to keep pace with rising costs these last 12 months, the landlords needed at least a 4% hike, per the RGB’s own data.
Presumably, City Hall is afraid of the short-term political heat as the mayor eyes his re-election bid next year.at a preliminary hearing — whereupon a mob of protesters led by three radical City Council members stormed the stage and commandeered the mics in an act of political theater.Yet he then backed down, saying: “We simply cannot put tenants in a position where they can’t afford to make rent.
The city isn’t as foolish when it comes to its own rising costs: It just OK’d a 9% hike in water rates — another hit on these landlords, along with fast-rising property taxes, insurance costs and expensive climate mandates under Local Law 97.
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