Rent Guidelines Board Approves Shockingly Low 1% Increase

June 24, 2014 | Bucky Turco

As part of an ongoing annual tradition in the city, thousands of tenants are typically let down en masse when the Rent Guidelines Board approves a dramatic rent hike. But this year, in an extremely rare move, there will only be a 1 percent increase on one-year leases and a 2.75 percent increase on two-year leases for rent stabilized apartments.

Comparatively, in 2013, the Rent Guidelines Board approved maximum rent increases of 4 percent on one-year-leases, and 7.75 percent on leases of two years. In 2012, the board approved an increase of up to 2 percent on one-year leases and 4 percent on two-year leases.

While Mayor de Blasio was pushing for a one-year freeze and a 3 percent raise on two-year leases being “the best option for New Yorkers struggling in the affordability crisis,” and more than a few attending were disappointed, the City Hall spokesman stated that “the administration is heartened that the RGB heeded calls to keep any increase at a historic low.” The increases affect leases signed after October 1.

If your unit is not stabilized, then there are no limits on increases your landlord can charge when the lease expires. Contact the DHCR to find out if your apartment is stabilized, though if you don’t already know, what the hell are you doing? (Photo: @yourdon)