The Rent Guidelines Board (RGB) today held its preliminary vote on lease adjustments for rent stabilized apartments. As a result of the preliminary vote, the RGB is now considering potential rent increases of 0% to 2% on one-year leases and 1% to 3% on two-year leases, with the increases to be determined at a final vote on June 23. In testimony presented at the RGB’s April 29 meeting, REBNY had recommended a minimum 3.9% increase for one-year renewal and initial leases, commensurate with the weighted increase of expenses dedicated to property taxes.
In response to the preliminary vote, REBNY President James Whelan released the following statement:
“The Rent Guidelines Board must take responsibility for providing rent increases that allow for maintenance of quality housing for millions of New Yorkers and its final vote should reflect that reality. Failing to do so would only further punish owners under a broken system that places the role of subsidizing housing, regardless of individual tenant need, wholly on the private sector. It is disappointing that the RGB is relying on 2019 owner expense data that obviously fails to account for additional increases in operating expenses due to COVID-19 safety protocols and that the ranges put forth in its preliminary vote are not consistent with government-imposed increases in property taxes.”
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