"It set a range between 0 and 2 percent for one-year leases and between 0 and 4 percent for two-year leases. These numbers aren't binding, but the final vote, which will happen at the end of June, traditionally falls within the ranges (which means the rent freeze is still a possibility)."
"There are nine members on the board, and six of them were appointed by Mamdani, giving him the majority he needs. The board, though, is supposed to act independently and consider the data. Its research shows that between 2023 and 2024, the net operating income for buildings containing rent-stabilized units was up in every borough except the Bronx - city-wide, it increased by 6 percent."
"Landlords of this type of housing, however, have always claimed that without being able to raise the rents, they will not have the income to maintain and improve their buildings or pay off their loans. So what does this preliminary vote mean? There are some clues from the past - the board has enacted a rent freeze for one-year leases three times under Bill de Blasio, in 2015, 2016, and 2020."
"Each time the preliminary vote has included a range that set zero percent as the bottom end for one-year leases. But it was only in 2020 that a preliminary vote for a two-year lease proposed a partial freeze - zero percent for the first year, and 1 percent for the secon"
The Rent Guidelines Board issued a preliminary vote on annual rental adjustments for New York City’s rent-stabilized apartments. The board set a range of 0 to 2 percent for one-year leases and 0 to 4 percent for two-year leases. These figures are not binding, but the final vote at the end of June typically falls within the proposed ranges. Tenant and owner representatives attended public meetings, with boos and chants reflecting disagreement over proposed increases and a tenant rollback. The board has nine members, with six appointed by Zohran Mamdani, giving him a majority. Board research reported that net operating income for buildings with rent-stabilized units rose city-wide by 6 percent from 2023 to 2024, except in the Bronx. Past preliminary votes under Bill de Blasio included zero percent as the bottom for one-year leases, and in 2020 a partial freeze appeared for two-year leases.
#rent-stabilization #rent-freeze #new-york-city-housing-policy #rent-guidelines-board #tenant-protections
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