Landlords attended a virtual hearing before the New York City Rent Guidelines Board on June 13, 2023, to ask for permission to raise rents for their rent stabilized apartments. Their rationale for asking for rent increases was to keep up with rising costs to maintain their apartment buildings, which have increased due to higher property taxes, maintenance costs, and insurance premiums. Tenant advocates want to keep rents from going up, expressing concerns about affordability in the city.
What Are Rent Stabilized Apartments?
In rent stabilized apartments, the rent cannot increase more than a certain amount. In order to increase the rent in a rent stabilized units, landlords need to seek permission from the Rent Guidelines Board. Every landlord with six or more rental units in their buildings must set aside a certain percentage of their units as rent stabilized, which are typically far cheaper than their other units.
Why Are Landlords Looking to Increase Their Rents?
Landlords are hoping to get approval to increase the rents for their rent stabilized apartments to help keep up with costs by seeking a 5% increase for one-year leases and a 7% increase for two-year leases. These increases are requested to keep up with rising maintenance costs, insurance premiums, and property taxes. Landlords say that raising rents are necessary for them to maintain services for their tenants.
Why Are Tenant Advocates Looking to Keep Rents Down?
Tenant advocates, meanwhile, have been looking to keep rents down. They note that tenants are facing cost pressures of their own, and that apartments within the city are unaffordable for many workers. In many cases, raising rent could result in evictions as their rent becomes unaffordable, resulting in an increase in homelessness and overall economic hardship.
What Happens Now?
The final vote for the board is scheduled for Wednesday, June 21, 2023 at Cooper Union. If they vote to increase rents, it will affect all lease renewals starting after October 1, 2023. If that happens, it could lead to increased financial difficulties for many tenants currently living in rent stabilized apartments. These tenants could see their rents increase by 5% or more the next time they renew their lease agreements.
If you are in a dispute with your landlord and want to know more about protecting yourself, do not wait until it is too late. You should seek advice from an attorney experienced in handling landlord-tenant disputes, who can advise you on your rights and help you avoid the risk of eviction. Contact the skilled landlord-tenant attorneys at Hobson-Williams, P.C. Contact us online, toll-free (866) 825-1529 or (718) 210-4744 to discuss your rights and the solutions available to you.
