- REAL ESTATE EDUCATION
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NY TIMES --Panel Backs Rent Increase of One Percent
June 24, 2014
The board that regulates rents for nearly one million apartments in New York City voted on Monday night to allow the lowest percentage rent increase in its 45-year existence, though it rebuffed calls from Mayor Bill de Blasio for a freeze.
Hundreds of tenants who had filled Cooper Union’s Great Hall in Manhattan erupted in booing, jeering and shouts of “shame on you” as the nine-member Rent Guidelines Board voted 5 to 4 in favor of allowing rent increases of up to 1 percent for one-year leases on rent-stabilized apartments and 2.75 percent for two-year leases.