New York, NY —
People with rent stabilized apartments will be watching closely tonight when a city board will take a preliminary vote on rent increases. Last year, rents went up 2.75% on one-year leases and 5.5% on two-year leases. WNYC's Dan Blumberg reports.
Citing rising fuel and insurance costs, as well as high real estate taxes, landlords want an 8% rent hike on one year leases. And they want to completely do away with two year lease renewals. They say it's too hard to predict expenses so far in advance.
But tenant advocates say landlords have plenty of money and don't need another increase. Last year the Rent Guidlines Board approved a 2.75% increase on one year leases and 5.5% on two year leases.
Following tonight's preliminary vote there will be two public hearings where residents and landlords will get a chance to sound off. The final vote is scheduled for June 27th.