News

NEW YORK, NY May 06, 2008 — In a preliminary vote, the Rent Guidelines Board has proposed rent increases on the city's stabilized apartments of 3.5 percent to 7 percent for a one year lease and 5.5 percent to 9.5 percent for two years.

Landlords had initially requested an increase of 10 percent to 15 percent.

At last night's meeting at Cooper Union, the president of the advocacy group Rent Stabilization Association - Joseph Strassberg - said costs for landlords are worse than they seem, because Manhattan skews the numbers. He said it's even worse for owners in the outer boroughs.

STRASSBERG: They are experiencing actually higher costs because their buildings, for the most part, were constructed before 1947 and many of them are over 100 years old and they require more upkeep and maintenance then the buildings built in Manhattan.

REPORTER: The final vote on the rent increases takes place next month.