"The board voted to consider increases of 0% to 2% on one-year leases and 0% to 4% on two-year leases for rent-stabilized apartments and lofts. The final vote is scheduled for June 25, with four public hearings in between. The preliminary range is far lower than what advanced under former Mayor Eric Adams yet the outcome of the May 7 vote satisfied neither side."
"Tenant organizers said the preliminary rent ranges fell short of what they wanted amid the rising cost of living, while landlord groups said the board ignored the data on rising operating costs and financial distress in older, heavily rent-stabilized buildings. Thursday's vote was the first major test of Mamdani's rent-freeze pledge since he appointed five new members and reappointed tenant representative Adan Soltren earlier this year, giving his selections a majority of the nine-member board."
"In a statement after the preliminary vote, Mamdani did not explicitly call on the board to approve a June freeze, having publicly cooled on the rent freeze calls since taking office. Yet Mamdani stressed that New Yorkers are being crushed by the cost of living, and said he was encouraged that the board was taking seriously the data around affordability, operating expenses, and the pressures facing both tenants and small property owners."
"As the RGB begins its public hearings, tenants, owners, and New Yorkers from every borough should make their voices heard and speak directly to what this housing crisis looks like in their lives, Mamdani said. I'm confident the Board will weigh those perspectives carefully and arrive at a decision later this summer th"
The Rent Guidelines Board advanced preliminary rent ranges for New York City’s rent-stabilized apartments and lofts. The board considered 0% to 2% increases for one-year leases and 0% to 4% increases for two-year leases. A final vote is scheduled for June 25 after four public hearings. The preliminary ranges are lower than those advanced under former Mayor Eric Adams, but the May 7 vote left both tenants and landlords dissatisfied. Tenant organizers said the ranges did not match rising living costs, while landlord groups said the board ignored operating-cost increases and financial distress in older buildings. Mayor Zohran Mamdani’s appointees hold a majority on the nine-member board, and the outcome will test his rent-freeze promise.
#rent-stabilization #new-york-city-housing-policy #rent-guidelines-board #tenant-affordability #landlord-operating-costs
Read at www.amny.com
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