The New York Post has reported that New York City may actually freeze rents in the city this summer. Last year, the Rent Guidelines Board approved rent boosts by a record-low 1 percent for one-year lease renewals and 2.75 percent for two years.
This Thursday, the Rent Guidelines Board released a report showing that landlord operating costs rose only 0.5 percent last year, the lowest such increase since 2002. Last year’s raise was 5.7 percent.
Such data helps tenant representatives to put pressure on the board to push for a rent freeze or even a rollback. It is possible that rent-stabilized buildings will have zero hikes. Other special housing like Single Room Occupancy units could have rents frozen or reduced.
The Rent Guidelines Board consists of nine major-appointed members: two tenant advocates, two landlord representatives, and five members of the public.