The city's Rent Guidelines Board, which sets annual rent increases for stabilized apartments while being booed by an auditorium full of angry tenants, met last night to decide on this year's numbers. As has happened for the last 40 years?spoiler alert!?rents were voted up. A few surprises this year, though. The increases were lower than usual, at 2.25 percent for one-year leases and 4.5 percent for two-year leases renewed between this October 1 and September 30, 2011. (Last year, the increases were 3 and 6 percent.) Another new feature of this year's meeting: a board member bursting into tears.
Member Adriene Holder teared up before she voted for the increase, saying, "I know this is going to have an impact on tenants, and I'm so sorry." On the other side of the
playground room, several landlords "snickered as Holder cried." Time to cool off, people. Until next year!
· Panel Backs Smaller Rent Increases Than Usual [NYT]
· Rent Guidelines Board member tearfully apologizes after approving hikes for tenants [NYDN]
· Rent Guidelines Board coverage [Curbed]