Rent Guidelines Board floats double-digit increases for stabilized tenants
. The RGB deliberation comes at a time when tenants face record-high rents and an increasingly difficult task in securing affordable housing.
Fuel and insurance in particular saw substantial increases in the past year, at 19.9% and 12.9% respectively. Costs are expected to rise by another 3.7% overall in the next year, with everything but fuel projected to continue an upward trajectory. The RGB’s “traditional” formula, incorporating the PIOC of both the past year and the following one, sees the lowest hikes, at 5.3% for one-year leases and 6.6% for two-year ones.
“The 16% number put out by the Rent Guidelines Board today is part of a standard annual report, only reflects one assessment of landlords’ increased costs, and does NOT in any way represent a recommendation from the RGB or this administration,”. “No recommended or adopted increase has ever come close to this number, and this year will be no different.
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