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If Preliminary Vote Is Any Indication, Rent Hikes Coming To NYC Apartments

Some 2-Years Leases Could See Rent Hikes Of 9.5 Percent
(file / credit: Spencer Platt/Getty Images)

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NEW YORK (CBSNewYork) — A preliminary decision was issued Tuesday for raising the rents on rent-stabilized apartments in New York City.

As 1010 WINS’ Sonia Rincon reported, the New York City Rent Guidelines Board decided on a 3.25 percent to 6.25 percent increases for one-year leases, and 5 percent to 9.5 percent increases on two-year leases. But the decision is just preliminary.

The board is made up of tenant members, property owners, and members of the public. The tenant members argued for a rent freeze and a 0 percent increase, talking about the cost of living in the city and the fact that many people in rent-stabilized apartments are on a fixed income.

Harvey Epstein, who represents tenants on the board, said the proposed increase range is far too high.

“One-size-fit-all answers don’t work here, so if there’s a small bunch of landlords, that need help, let’s figure out a solution for them,” he said.

Property owners talked about how expensive it is to operate a building in the city. They asked for 7 percent and 11 percent increases, respectively.

Jack Freund, vice president of the Rent Stabilization Association, said only a small number of apartments have high turnover and rent at market value.

“And of course, the apartments that are well below market rate may be renting for less than the cost of operation,” Freund said. “They don’t turn over.”

While Rent Guidelines Board meetings have been heated in the past, meetings on preliminary rent hikes have seen fewer and fewer attendees as people save their tonsils for the final vote later.

As usual, the vote on the preliminary decision on the rent hikes was 5 to 4. The final decision will be made June 30.

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