If you’ve been enjoying one of New York City’s 1 million rent-controlled apartments, it’s time to restructure those finances. The Rent Guidelines Board has voted to increase our city’s stabilized rents, hiking prices by 4.25% for one-year leases and a whopping 7.25% for two-year leases. This is the city’s biggest rent increase in 15 years. The changes were passed last night and go into effect this fall.
More than 300 tenants protested last night’s meeting, which was postponed for 2.5 hours due to screams, chants, and the din of noisemakers. The crowd ordered pizza during the break, only to resume screaming when RBG Chairman Marvin Markus returned and tried to restart the meeting. After four failed attempts, Markus merely read the Board’s decision into the microphone. No one could hear him, but the damage was done. Prices are going up.
So what does this mean for tenants? If you’re planning on renewing your two-year lease between Oct. 1 and Sept. 30, 2007, it means you’ll be paying upwards of $700 more for an average stabilized apartment. One-year leasers will pay slightly less.
What else does this mean? It means it’s time to break out the peanut butter and jelly.