New York City Rent Guidelines Board suggests nearly 16% hikes for 2-year leases at rent-stabilized apartments
NEW YORK -- The Rent Guidelines Board is suggesting double-digit hikes for some of New York City's rent-stabilized apartments.
At a meeting Thursday, the panel appointed by the mayor suggested 8.25% increases for one-year leases and nearly 16% hikes for two-year leases.
The staggering numbers are based on rising operating costs, revenues and inflation.
The board says expenses for buildings with stabilized units have increased by more than 8% in the past year.
The number is not final, as it needs to be approved.
Read more