NYC board rejects rent freeze

1-year lease: 1%; 2-year: 2.75%

NYC board rejects rent freeze

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NEW YORK (MYFOXNY) - The New York City Rent Guidelines Board approved modest rent increases for stabilized apartments on Monday, rejecting calls for a rent freeze.

The board settled on a 1-percent hike on one-year leases and a 2.75-percent hike on two-year leases on about 1 million units across the city.

The increases will apply to leases that are signed on and after Oct. 1, 2014.

Mayor Bill de Blasio and Council Speaker Melissa Mark-Viverito had called on the board to keep rents at their current level for a year to give New Yorkers a break.

"While Mayor de Blasio believed that a one-year freeze and a 3 percent raise on two-year leases was the best option for New Yorkers struggling in the affordability crisis, the administration is heartened that the RGB heeded calls to keep any increase at a historic low," said Wiley Norvell, a City Hall spokesman.

Landlords wanted a much higher hike to cover increased expenses. They asked for a 6-percent hike on one-year leases and a 9-percent increase for two-year leases.
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