NYC’s Rent Guidelines Board voted on the night of June 26th and the decision, made by a one vote margin, was to increase rents of rent stabilized tenants by 1.5% for a 1-year lease and 2.5% for a 2-year lease. This increase is the largest since 2013. The 5 votes for the in-crease consisted of 4 public and one owner/landlord representative vote. This means that the other owner/landlord representative voted against the increase along with 1 public and 2 tenant representatives. This board is appoint-ed by Mayor de Blasio.
The Rent Stabilization Association, a group that serves the interests of property owners, had asked for respective 1-year/2-year increases of 4.5% and 7.25%. Tenants advocates wanted a rent freeze.