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The decision comes after the City of New York's Rent Guidelines Board voted last week to increase rents for rent-stabilized apartments by 2.75% for one-year leases and 5.25% for two-year leases.
In a 5-to-4 vote, New York City's Rent Guidelines Board voted to approve rent increases. One-year leases will rise by 2.75%, while two-year leases will rise by 5.25%.
The median rent-stabilized apartment goes for $1,500 a month, meaning a 2.75 percent increase works out to a $41 monthly rent increase. While rent-stabilized tenants' incomes are lower on average ...
According to Sharon Otterman and Matthew Haag of The New York Times, the HSTPA "mark[s] a turning point" for the millions of New Yorkers living in rent-stabilized apartments "after a steady erosion of protections and the loss of tens of thousands of regulated apartments."
Failure to provide these may allow the tenant to receive a lower rent. [4] Outside of New York City, the state government determines the maximum rents and rate increases, and owners may periodically apply for increases. In New York City, rent control is based on the Maximum Base Rent system. A maximum allowable rent is established for each unit.
The New York State Division of Housing and Community Renewal (DHCR) is an agency of the New York state government [1] responsible for administering housing and community development programs to promote affordable housing, community revitalization, and economic growth. Its primary functions include supervising rent regulations through the State ...
New York's statewide increase was about 8.8%, while a dozen cities across the country had rent increases of over 20% from May 2022 to this May, according to the company. But rising rent rates are ...
This is an accepted version of this page This is the latest accepted revision, reviewed on 26 November 2024. Regulations to reduce increases in housing rents "Rent control" redirects here. For other uses, see Rent control (disambiguation). Part of a series on Living spaces Main House: detached semi-detached terraced Apartment Bungalow Cottage Ecohouse Green home Housing project Human outpost I ...