Things are about to get even tighter for residents of rent stabilized apartments in New York City. Last night, the Rent Guidelines Board voted on a potential increase that would bump rent for one year leases by 3.25 to 6.25 percent and two year leases by 5 percent to 9.5 percent. These will be voted into effect on Jun. 20.
They are the result of increased operating costs for landlords. Last year, they jumped a mere 2.8 percent, causing rents to increase by 2 and 4 percent. Now landlords are claiming that expenses have more than doubled, but the crippling increases in rent will do little to help them. According to Jack Freund of the Rent Stabilization Association, landlords will still have difficulty maintaining their properties, even with the 5.9 percent increase in rent.
So basically, rents are going to increase and everyone is pissed off about it. Great.