It’s pretty hot out there. So it’s no surprise in such a climate something frozen would begin to melt. For the past two years rent stabilized units in NYC did not receive a rent increase when renewing one-year leases. When the Rent Guidelines Board met on June 27th seven proposals were on the table, among them: a 4% decrease on one-year leases to incremental increases up to 4%.
The board’s decision for 2018’s leases was for a 1.25% increase on one-year leases and a 2% increase for two-year leases.