Updated 05/01/2012 11:37 PM
Rent Guidelines Board Approves Range For Rent Hikes
By: Natasha Ghoneim
The proposed rent hikes are 1.75 to 4 percent for one-year leases and between 3.5 to 6.75 percent for two-year leases. Any new increases will affect leases signed or renewed starting October 1.
Board members claimed they tried to strike a middle ground on increases for rent stabilized apartments.
Tenants rights groups and Occupy Wall Street demonstrators rallied outside Cooper Union, saying they represented what they call the “rights of the 99 percent.”
They say the board, which has members allied with landlords, tenants, and the public, is just a rubber stamp for Mayor Michael Bloomberg’s policies.
However, advocates for property owners said the board did not take into account rising property taxes, water and sewer rates and the increasing price of oil.
Three more public hearing will be held before the board’s final vote on June 21.
Last year, the board hiked rents 3.75 percent on one-year leases and 7.25 percent on two-year leases.