The Rent Guidelines Board, the panel that ultimately determines the rent increases New York’s more than 1 million stabilized tenants will have to bear, floated hikes of nearly 16%, a substantial metric that the mayor’s office argues will not come to pass.
The 15.75% increase floated by the RGB at its Thursday meeting, first reported by the New York Times, was noted during a presentation on the costs of building ownership. With negotiations underway and public engagement to follow, the final increase that the Board will approve in June is likely to be much lower based on recent history.
