Rent Guidelines Board holds virtual hearing on proposed rent-stabilized unit price hike
The Rent Guidelines Board held a virtual hearing on Tuesday after approving a proposed rent hike for rent-stabilized housing units back in May.
The board has held multiple hearings since that vote passed last month, with one in-person hearing being held in the Bronx and one in Queens.
Last month’s vote approved a rent hike of 2% to 5% for one-year leases and 4% to 7% for two-year leases. The controversial decision from the preliminary vote has led to chaotic and vocal meetings with distraught tenants and landlords alike.
Many tenants and advocates believe that if this rent hike goes through, it will only fuel the homelessness and housing crises in New York City. Landlords are saying that without this increase, they will not be able to maintain their buildings, with some saying their monthly bills and taxes already outweigh the rent that they collect.
The last public hearing is on Thursday night at St. Francis College, with the final vote set to take place on June 21.