- Associated Press - Monday, June 23, 2014

NEW YORK (AP) - New York City tenants in nearly a million regulated apartments will be digging deeper into their pockets.

The Rent Guidelines Board on Monday voted 5-4 to raise rents on stabilized apartments by 1 percent on one-year leases and 2.75 percent on two-year leases.

Mayor Bill de Blasio had called for a one-year rent freeze, saying a “course correction” was needed after years of “unnecessary” rent increases.

According to The New York Times (https://nyti.ms/1sz7oDl ), the board’s research shows that more than a third of stabilized tenants are paying over half their income in rent.

On the flip side, the board’s research shows a 5.7 percent rise in operating costs this year. And landlords say their costs exceed those numbers. They had sought a 6 percent increase for a one-year lease and 9.5 percent for a two-year lease.

Council Speaker Melissa mark-Viverito called the vote “disappointing.”

“While we appreciate that the increase was kept to a minimum, as our city’s housing crisis comes to a head, it’s crucial that we utilize every opportunity to fight for and preserve affordability for the New Yorkers who call this city home,” she said.

“The struggle isn’t over,” said Katie Goldstein, Executive Director of Tenants & Neighbors said. “Tenants deserve a rent freeze and we will continue to organize for one for the low and moderate income tenants in New York City.”


Information from: The New York Times, https://www.nytimes.com

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide