Rent Guidelines Board gives thumbs up to rent hike in preliminary vote
The city's Rent Guidelines Board approved a rent increase for rent-stabilized apartment tenants during a preliminary vote Tuesday. Landlords cite what they call out of control heating costs and high insurance prices as justification for the increases. But tenants' advocates say landlords are already benefiting from skyrocketing property values, and that higher rents will eliminate the few affordable apartments that are left. The move may increase rent by as much as 4.5 percent for a one-year lease, and up to 7 percent for a two-year lease. A vote to finalize the decision will be held on June 21. If they are finalized, the new rates will affect lease renewals on or after October 1.