Rent Guidelines Board Limits Hikes To 3% in Contentious Final Hearing

June 21, 2023 – Media Mention

New York City's Rent Guidelines Board recently voted 5 to 4 in favor of a 3% hike for one-year leases while two-year leases received a 2.75% increase in year one and 3.2% in year two. For the second year in a row, New Yorkers living in rent-stabilized apartments will see new rent hikes after the board tasked with setting rates approved increases.

Herrick partner, Scott Mollen, who previously served on the Rent Guidelines Board in the late 1970s and became chair of the board under Mayor Ed Koch, told Bisnow ahead of the vote that elected officials never used to get involved in these decisions, adding that the gulf between what tenants and landlords are asking for has widened.

Scott notes, "Landlord-tenant issues in New York City have always brought out very strong, passionate feelings. I don't think I've ever seen major landlord organizations or major tenant organizations ever say that the Rent Guidelines Board has reached a fair resolution."

Click here to read the full article from Bisnow.