Rent-stabilized building tenants may face rent hike

Final increases will be established in June and will affect leases signed on or after October 1.Tenants will have a chance to speak out during

BROOKLYN - Landlords running rent-stabilized apartments say they may have to impose larger rent hikes on tenants to meet their costs.

According to the New York City Rent Guidelines Board, the cost of running rent-stabilized buildings went up almost 8 percent this year. Last year, the cost increased around 5 percent. According to the board, higher taxes, labor costs, fuel, utilities and insurance are responsible for the hike. Landlords may pass the extra cost on to tenants.

The process of setting new rents will begin Monday, May 5. - Final increases will be established in June and will affect leases signed on or after October 1.

Tenants will have a chance to speak out during a series of public hearings before the final vote.

advertisement | advertise on News 12

Trending Video

The victims, both males, are 15 and 18 1 The Buzz: East 55th Street shooting
The We Are the Resistance fundraiser allowed artists 2 Fundraiser highlights works of female 'resistance' artists
Animal rights activists continued to protest outside the 3 Protesters gather outside Ringling Bros. Circus
Clinton Hill landlords say they're working with the 4 Rebuilding continues 9 days after fire
Community leaders in Sheepshead Bay are demanding the 5 CB15 calls for elevator at Sheepshead Bay station

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