Rent-Stabilized Apartment Rents on the Rise in New York City
Rent Guidelines Board Approves Hike
Tenants Express Concerns
Residents of rent-stabilized apartments in New York City could be facing increased costs in the near future. The Rent Guidelines Board (RGB) has voted to approve a rent hike, which would impact approximately one million households.
The RGB is responsible for setting the annual rent guidelines for rent-stabilized apartments in the city. These guidelines are based on factors such as operating costs, property taxes, and inflation. This year, the RGB voted to approve a rent increase of 4% for one-year leases and 6% for two-year leases. The increase is the highest in recent memory.
Tenants' rights groups have expressed concern about the impact of the rent hike on New Yorkers who are already struggling to make ends meet. The city's median rent for a one-bedroom apartment is currently $3,600 per month, and a 6% increase would add an additional $216 per month to tenants' rent payments.
The RGB's decision has sparked protests and rallies from tenants who are demanding that the board reconsider the rent hike. Tenants argue that the increase is unaffordable and will force many New Yorkers out of their homes. The RGB is expected to hold a public hearing on the rent hike on May 24th, 2024.
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