Lowest Increases in a Decade

NY Post

‘Low’ rent hikes on horizon

By DAVID SEIFMAN City Hall Bureau Chief

Posted: May 2, 2012

The Rent Guidelines Board set the stage last night for the lowest increases in a decade.

 
In a swift, 34-minute meeting, the board voted 5-4 to approve preliminary rent hikes of 1.75 to 4 percent for new one-year leases and 3.5 to 6.75 percent for two-year renewals.

 
The range of increases was about 50 percent below last year’s and signaled that tenants in more than a million rent-stabilized apartments could be on the verge of the lowest increases since 2002, when rents went up by 2 and 4 percent.

 
Renters who had the misfortune of signing new leases last year were hit with 3.75 and 7.25 percent hikes.
Keeping with the theme of the day, about 200 tenants gathered outside Cooper Union to “occupy” the RGB and protest what they described as a sham vote in the historic building’s basement auditorium.
With the demonstrators otherwise occupied, the board rushed through its agenda without any pretense of a genuine discussion.

 

 

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