By: NY1 News
The annual fight over rent increases for the city’s one million regulated apartments is nearing a conclusion.
The Rent Guidelines Board held a public hearing in Lower Manhattan on Thursday, the latest in a series of hearings to discuss proposed increases voted upon last month.
Those increases are between 3.25 and 6.25 percent on one-year leases and between 5 and 9.5 percent for two-year leases.
Tenants say they cannot afford yet another hike, while landlords say they are necessary to keep up with costs.
“There are more subsidized housing units available in this city than there are impoverished tenants. If that doesn’t work out, then there’s something wrong with the way the city is administering its housing subsidy programs,” said Jack Freund, the executive vice president of the Rent Stabilization Association. “If you place that burden on property owners, you’re just going to see an inability to maintain properties for a majority of people who can afford a moderate rent increase.”
“Right now my apartment is right on the border of being unaffordable and this would really push it over the edge,” said housing advocate Sam Stein. “I think that’s the case for thousands of tenants around the city.”
The board says more than 2,500 previously stabilized units were removed from regulations last year.
The final vote on the rent hikes is June 20.