Board approves hikes on rent-controlled apartments

The city's Rent Guidelines Board has approved increases for rent-controlled apartments, potentially affecting some 2.5 million tenants. Under the new guidelines, the maximum rent increase

BROOKLYN - The city's Rent Guidelines Board has approved increases for rent-controlled apartments, potentially affecting some 2.5 million tenants.

Under the new guidelines, the maximum rent increase was set at 3.75 percent for one-year leases and 7.25 percent for two-year leases.

The board had been considering increases between 3 and 9 percent, but their decision nearly splits the numbers down the middle, leaving many tenants and landlords unhappy. Residents argue that the landlords are already making a profit, but the landlords say the hike is necessary to cover tax increases and the rising price for oil.

Tenants will still have the opportunity to challenge an increase on the grounds that the building has violations or that the owner doesn't need so large an increase to cover expenses. The rent changes go into effect Oct. 1.

Legislature extends NYC rent control lawBrooklyn tenants stage sleep-in for rent-regulation renewal

advertisement | advertise on News 12

Trending Video

Dozens of people were arrested across the borough 1 Dozens arrested in 'Operation Hardball' drug takedown
Dozens of senior citizens at an East New 2 Mini horses stir up spirits at nursing home
The tree fell on tracks that carry the 3 Tree falls on tracks at Parkside Avenue train station
Aspiring gymnasts and Olympics fans from all over 4 Olympic medalist Laurie Hernandez visits Long Island
Nassau Police say a Hempstead man has been 5 Police: Man arrested for sex assault of child, stabbing 2 women

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE