"The board voted to consider increases of 0 percent to 2 percent on one-year leases and 0 percent to 4 percent on two-year leases for rent-stabilized apartments and lofts. The final vote is scheduled for June 25, with four public hearings in between."
"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 Adán Soltren earlier this year, giving his selections a majority of the nine-member board."
"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.""
The Rent Guidelines Board advanced preliminary rent ranges for New York City’s rent-stabilized apartments and lofts. The ranges allow 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, with four public hearings before then. 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 data on operating costs and financial distress in older buildings. The vote tests Mayor Zohran Mamdani’s rent-freeze pledge after he appointed new board members and reappointed a tenant representative.
#rent-stabilization #new-york-city-housing-policy #rent-guidelines-board #tenant-rights #landlord-operating-costs
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