Press Release

Statement on Rent Guidelines Board vote

David R. Jones

Contact: Jeffrey N. Maclin   
(212) 614-5538 (office)
(718) 309-2346 (cell)
jmaclin@cssny.org
 

Rent-regulated apartments remain the largest source of housing for low-income New Yorkers, which is precisely why last night's Rent Guidelines Board vote was so closely watched by both tenants and landlords.  The RGB voted to approve a modest increase of one percent for annual leases and 2.75 percent for two year leases; a historically low rent increase and, to be sure, far lower than what landlords had hoped.

While it won't accomplish the kind of relief a flat-out rent freeze would, the low increase approved by the RGB will significantly slow down the incessant rent pressures on low-income New Yorkers in rent-stabilized apartments.  Rents have been rising faster than incomes in New York, a fact of life not lost on our mayor, who lent his voice early-on to the call for a rent freeze and kept the pressure on the RGB.  Indeed, the mayor and tenant advocates across the city deserve credit for making sure rent increases were kept to a minimum.

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