THE BRONX - Landlords running rent-stabilized apartments say they may have to impose larger rent hikes on tenants to meet their costs.
According to the New York City Rent Guidelines Board, the cost of running rent-stabilized buildings went up almost 8 percent this year. Last year, the cost increased around 5 percent. According to the board, higher taxes, labor costs, fuel, utilities and insurance are responsible for the hike. Landlords may pass the extra cost on to tenants.
The process of setting new rents will begin Monday, May 5. - Final increases will be established in June and will affect leases signed on or after October 1.
Tenants will have a chance to speak out during a series of public hearings before the final vote.