The Rent Guidelines Board is meeting tonight to discuss operating costs and vote on a range of increases for the city's one-million rent-regulated apartments.
We have not heard what those proposed increases will be as the RGB decides on the increases after reviewing landlords’ operating costs.
The RGB will hold public hearings before holding a final vote next month. If there are any increases, they will take effect on October 1.
Two panel members represent building owners, another two represent tenants and five are public, non-partisan members.
New York City landlords and tenants are always in disagreement.
When you have senior citizens living on fixed incomes and the middle class in need of affordable housing – who wins?
Yet landlords say the economy has been rough on them as well. The Rent Stabilization Association, a group that represents 25,000 property owners, points to higher fuel costs, property taxes and labor.
But costs increase for tenants too. Manhattan is one of the most expensive cities to live in. And for those who lost their jobs in this economy, it’s rough making ends meet.
Last year, the board approved a three-percent increase for one-year lease renewals and up to a six percent increase on two-year leases.
The public will be able to speak out in the coming weeks leading up to a final vote late next month.
If you enjoyed this article, please subscribe to my page by going here and clicking the Subscribe Button at the top of the page.
Click here to read other articles by Ross Ellis
Twitter me http://twitter.com/NY_RealEstate
Visit my FACEBOOK page
Visit my Website and blogs at New York City Real Estate News and Active Rain
Ross Ellis is a proud member of the Real Estate Board of New York
Ross Ellis is also the Examiner for:
NY Parenting Issues
NY Cyber Safety
NY Domestic Violence and Abuse
NY Real Estate
Comments