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Rent Guidelines Board

All articles tagged with #rent guidelines board

local25 days ago•5 min saved

New York Rent Freeze Clears First Hurdle, Sets Stage for Final Numbers

New York City’s Rent Guidelines Board approved preliminary ranges that effectively allow a rent freeze for rent-stabilized units: 0-2% on one-year leases and 0-4% on two-year leases, with final numbers due June 25. The seven-to-one-one vote occurred after Mayor Zohran Mamdani pushed to ease the city’s affordability crisis and amid loud debate between tenants and landlords. Tenant advocates praised the move as protecting renters, while landlords argued it threatens property finances. The panel’s decision comes as data show rising net operating income citywide, though opinions differ on the true costs and benefits of rent stabilization across boroughs.

via nytimes.com|

#housing #local #nyc

local-politics3 months ago•5 min saved

Mamdani Moves Toward Rent Freeze With RGB Turnover

With RGB resignations clearing the way, Mayor Mamdani could appoint six new members to tilt the Rent Guidelines Board toward approving a rent freeze for rent-stabilized NYC apartments; a board vote this spring could pause rents for about a third of NYC’s rental units, building on a campaign promise amid earlier holdovers and ongoing reshuffles.

via THE CITY - NYC News|

#local-politics #mamdani #nyc-housing

real-estate3 months ago•2 min saved

Is It Wise to Bet on a Mamdani Rent Freeze When Renewing a NYC Lease?

Rent-stabilized tenants must choose between a 3% one-year renewal and a 4.5% two-year renewal while Mayor Mamdani promises a rent freeze and RGB reform. Timing is uncertain, so the better option hinges on your risk tolerance and beliefs about whether the freeze will take effect before the 2027 lease is signed.

via The New York Times|

#lease-renewal #new-york-city #real-estate

business2 years ago•2 min saved

Rent hikes approved for NYC and Nassau rent-regulated units

The Rent Guidelines Board has approved rent increases for New York City's approximately one million rent-stabilized apartments. Landlords will be able to increase rent by 3% on one-year leases and 2.75% for the first year on two-year leases, and 3.2% for the second year. The rent increases apply to new leases signed on or after Oct. 1, 2023. Tenants and advocates had decried the proposed rent hikes, calling for a rollback or freeze on rent instead. The Legal Aid Society criticized the Rent Guidelines Board's decision, while the Rent Stabilization Association said the board ignored their own data.

via PIX11 New York News|

#business #new-york-city #rent-guidelines-board

business3 years ago•2 min saved

Rent stabilization votes spark controversy in major US cities.

The Rent Guidelines Board passed a preliminary first vote on proposed rent hikes for one-year and two-year leases for rent-stabilized apartments in New York City. The potential adjustment could increase rent 2-5% for one-year leases and 4-7% for two-year leases. Landlords and tenant advocates increased the pressure on the Rent Guidelines Board ahead of the vote on Tuesday night. The decision will impact nearly 2 million New Yorkers.

via WABC-TV|

#business #landlords #rent-guidelines-board

politics3 years ago•2 min saved

NYC Panel Votes on Rent Hikes for Millions of Rent-Stabilized Apartments

The Rent Guidelines Board, a nine-member panel in New York City, is expected to vote in favor of rent increases for nearly one million rent-stabilized apartments, which make up about 44% of all NYC rentals and are home to roughly two million people. The median rent in rent-stabilized apartments is $1,400, making them a crucial source of lower-cost housing in one of the most expensive cities in the nation. The vote is a flashpoint in the long-running dispute between renters and landlords over the cost of living, with tenants calling for a freeze and landlords saying they need more rent revenue to make up for increasing costs. The final vote will come in June.

via The New York Times|

#housing-crisis #new-york-city #politics

business3 years ago•2 min saved

NYC Rent Board Considers 16% Increase for Rent-Stabilized Apartments

The New York City Rent Guidelines Board is considering a 15.75% rent increase for two-year leases in nearly one million rent-stabilized apartments, which would be the largest increase in decades. The board will hold public hearings before setting the maximum allowed rent increase on new leases for the coming year. While this increase only applies to rent-stabilized housing, it's unclear how it will affect unstabilized rental apartments. Several groups representing renters spoke out against the potential sharp increase, while the Rent Stabilization Association cited inflation and rising costs for landlords as factors.

via WABC-TV|

#business #nyc #public-hearings