On April 25, the NYC Rent Guidelines Board voted to raise the rent on certain rent stabilized lofts, apartments and hotel units. If your lease will be renewed between October 1, 2017, and September 30, 2018, you will likely receive a rent increase.
On June 27, 2017, there will be a vote to determine how much landlords can raise the rent in these units. At the preliminary vote in April, the Rent Guidelines Board proposed rent hikes of one to three percent for one-year leases and two to four percent for two-year leases.
The vote isn’t making anyone happy
Not surprisingly, tenants are upset that they will not receive another rent freeze. They have had two rent freezes in the past two years, and were hoping that their rents would not increase. Tenants are paying a greater and greater proportion of their household income for rent.
Landlords and property owners are also unhappy with the proposed rent increase. They wanted a larger increase to cover what they say are rising costs. The argument has less and less merit as buildings have fewer and fewer rent stabilized tenants.
What can you do?
There will be five public meetings on the proposed increase before the June 27th vote. You can view the hearing information if you wish to attend. Do you want to speak at these meetings? Call 212-669-7480 and press 0 to register.
If you believe your rent has been raised illegally, you can consult with a lawyer. Tenants’ rights lawyers can explain your rights and determine whether you have a case.