The Rent Guidelines Board on Wednesday voted to hike rents for New York’s more than 1 million stabilized tenants — earning jeers from lessees seeking a freeze or rollback in leases.
By a 5-4 vote, the board approved a 3% rent increase for one-year leases, and bifurcated increases for two-year leases of 2.75% in the first year, and 3.2% of the newly increased rent in the second year. That leaves rent close to 6% higher after two years, although the mayor’s office notes the overall amount of rent paid to the landlord in those two years would increase only 4.5%.
Both of the board members repping landlords voted against the increase, having sought higher hikes, as did some members repping the general public. Meanwhile, members representing both tenants and others repping the public voted in the affirmative.