NEW YORK (PIX11) — In a 5-4 vote, the Rent Guidelines Board approved an increase to the stabilized rent cap Thursday.
One-year leases will go up by 4% and two-year leases will go up 7.75%.
“The Rent Guidelines Board had an opportunity to protect tenants, an opportunity the Board squandered when they chose to subject New Yorkers to disruptive rent hikes instead,” said Speaker Christine Quinn. “The Board must schedule hearings in all five boroughs next year and offer all New Yorkers an opportunity to stand up for the future of rent stabilized housing in New York City.”
RGB chair Jonathan Kimmel backed the proposal earlier this month saying it was based on the Price Index of Operating Costs, which calculates the operating and maintenance costs to landlords. Kimmel said that those costs have increased 5.9% from last year.
The new guidelines will effect rent renewals from October 1, 2012 through September 30, 2013.
Close to one million apartments in New York City are rent stabilized.