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Landlords Calling for Up to 8 Percent Hike on Rent-Stabilized Units

(DNAINFO) Amy Zimmer | April 22, 2017 — As operating costs rise, landlords are seeking big rent hikes followingtwo years of a freeze on the city’s nearly 1 million rent stabilized apartments.

As the Rent Guidelines Board Thursday kicked off the months-long process of public hearings to determine this year’s rent increases, the group representing landlords called for a 4 percent increase on one-year leases and an 8 percent hike on two year leases, according to Jack Freund, of the Rent Stabilization Association.

It would be the largest increase in four years.

“We think the board has ignored increases in costs, and that has harmed property owners and the tenants who live in buildings that owners have had troubled maintaining,” he said, adding that taxes, water and sewer rates have risen during that same period. “We’ve now had three years of inadequate increase and we think it’s high time… this board provide some reasonable increase.”

Source: Landlords Calling for Up to 8 Percent Hike on Rent-Stabilized Units – Bushwick – DNAinfo New York