Data exist to mark and lend understanding of the turnover rate in the legions of rent-stabilized buildings across New York City. When one complex features notably higher-than-average departures, it can be telling evidence of unusual -- even abnormal - circumstances.
We recently noted for readers the results of the June 26 vote taken by the New York City Rent Guidelines Board on rent-stabilized lease increases. The RGB decided to raise rents 1.5% and 2.5%, respectively, on one-year and two-year lease terms effective October 1 of this year. That adjustment spelled the largest spike in several years.
The definitive decision annually reached by the New York City Rent Guidelines Board on rent-stabilized lease increases was announced on June 26.
New York City legislators have been notably busy over the past several months drafting local laws that a recent New York Law Journal article notes are intended to materially expand tenant protections. The newly enacted statutory housing provisions apply to rent-stabilized and rent-controlled residents across the city.