The New York City Rent Guidelines Board has voted to freeze rent on regulated apartments for one year, starting September 2020 and extending to October 2021. The purpose behind the rent freeze is to help residents of regulated apartments to endure through the coronavirus pandemic, as many New York City residents remain out of work. The move has angered advocates for both renters and landlords, who see the vote as a compromise that satisfies no one.
The rent of regulated apartments, also known as rent-controlled or rent stabilized apartments, are regulated by a government authority and not subject to rents imposed by landlords. Typically, rent-controlled apartments are reserved for lower-income renters who cannot afford the higher rents found in places like New York City. Unfortunately, these are the people most affected by the economic crisis that resulted from the coronavirus, and the rent moratorium imposed by Governor Cuomo has only delayed the financial hardship many New Yorkers are experiencing.
Advocates for renters sought to have the Rent Guidelines Board cut rents for rent-controlled apartments, in recognition of the financial hardship the renters face. Landlords, on the other hand, were hoping for a break from property taxes to address their own economic concerns, as many renters have not paid rent since the moratorium on evictions was first imposed in March. The vote to simply freeze rent for regulated apartments, therefore, was a disappointing compromise that satisfied neither renters nor landlords. However, for renters in regulated apartments, at least they know their rents will not go up.
If you have questions regarding your rights as a landlord or tenant, you should seek advice from an attorney experienced in handling landlord/tenant disputes. Contact the skilled landlord-tenant attorneys at Hobson-Williams, P.C. Please contact us online, toll-free (866) 825-1529 or (718) 210-4744 to discuss your rights and the solutions available to you.