What to Know
- The NYC Rent Board voted to freeze rent on 1-year leases and raise rent on 2-year leases by 2 percent
- Tenants had wanted a rollback, and landlords wanted a 3% increase on 1-year leases
- Struggling landlords can file for hardship rent increases but data shows majority of owners are large-scale landlords seeing higher profits
New York City's Rent Guidelines board has again voted to freeze rents on one-year leases for tenants in rent-stabilized apartments.
The board on Monday also approved a 2 percent hike for two-year leases.
Last year, the board voted to freeze rents on one-year leases for the first time ever. The board has nine members. Two represent tenants, two represent owners and five are members of the public.
There are more than 1 million rent-stabilized apartments in the city.
Tenant advocates had called for a rent rollback, saying it would allow struggling families to stay in their homes. Landlords had pushed for a 3-percent increase on one-year leases, saying rent increases are needed to keep up with taxes and other expenses.
Landlord advocacy groups said the people who will suffer most are small building owners like Marilyn Percy, who claims she gets only $700 a month for one of her three-bedroom apartments in Sunset Park.
"The insurance went up, the taxes went up, the sewer went up, the water went up," she said. "Everything is up and not the increase for the apartment. That's not fair."
But the rent board said owners like Percy can file for hardship rent increases. They said data shows the majority of owners are large-scale landlords are seeing their profits increase while their tenants struggle.
State legislators voted last year to extend rent regulations for another four years.