The New York City Rent Guidelines Board is one of the few ways Mayor Bill de Blasio can influence the price of housing in the city. All sides came away wanting when the board approved a historically low increase.
"The board that regulates rents for nearly one million apartments in New York City voted on Monday night to allow the lowest percentage rent increase of its 45-year-existence, though it rebuffed calls from Mayor Bill de Blasio for a freeze," reports Mireya Navarro.
According to Navarro, "the nine-member Rent Guidelines Board voted 5 to 4 in favor of allowing rent increases of up to 1 percent for one-year leases on rent-stabilized apartments and 2.75 percent for two-year leases."
Tenants jeered and booed as the de Blasio-appointed board voted for the increase even after the mayor had hoped that the board would freeze rents. Landlords were also not pleased with the vote.
For some context on what de Blasio's influence might have achieved, "[the] 1 percent increase on one-year leases was the lowest the board had ever approved. The previous low was 2 percent in 2012." Additionally, "[last] year the board approved increases of 4 percent for one-year leases on rent-stabilized apartments and 7.75 percent for two-year leases.
Read the full story: Panel Backs Rent Increase of One Percent
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