Rent-Stabilized Tenants Could See Smaller Hikes

Thursday, May 6, 2010  |  Updated 8:00 AM EDT
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Rent-Stabilized Tenants Could See Smaller Hikes

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NEW YORK - MAY 30: A view upper manhattan where a crane that collapsed on Manhattan's Upper East Side at 91st Street and 1st Avenue May 30, 2008 in New York City. The crane collapsed on top of an apartment building crashing into a penthouse apartment and falling to the ground. (Photo by Spencer Platt/Getty Images)

Rent-stabilized tenants might get a small break this year -- with annual hikes a bit lower than in previous years.

The Rent Guidelines Board  voted 5-4 last night to recommended preliminary hikes on rent-stabilized apartments from 2 to 4 percent for one-year leases and 4 to 6 percent for two-year leases. 

The final increase will be voted on next month.

Last year's hikes were between 3 and 6 percent, a move lauded by landlords and rued by tenants who said the increase was too high in the face of the recession.

"Unfortunately, it looks like we're headed towards another very low single-digit increase in rents at the very time property owners are facing double-digit increases in property taxes and water rates," Jack Freund told the New York Post.

Freund is part of the Rent Stabilization Association represents 25,000 landlords.

But tenants groups point the finger at landlords. 

"The majority of landlords who are hurting are landlords that intentionally overleveraged their properties with the intention of flipping them," Marggie Russell-Ciardi, executive director of Tenants & Neighbors told the Post.
 

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