Rent Guidelines Board Approves Rent Increase for Regulated Apartments in NYC
With the end of the nationwide eviction ban looming, the Rent Guidelines Board approved a rent increase for New York tenants in a Wednesday evening vote.
Members voted 5-4 to freeze rent for the first six months of one-year leases in rent-stabilized apartments and have a 1.5 percent increase for the next six months. Renters with two-year leases will have a 2.5 percent rent increase. The rates take effect in October.
The decision was quickly decried by advocates for both tenants and landlords. Robert Desir, staff attorney with the Civil Law Reform Unit at The Legal Aid Society, said he was disappointed with the decision.
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