The circus is almost here, folks. The Rent Guidelines Board is about to embark on its annual series of hearings, where tenants cry, landlords beg, and the board hikes stabilized apartments' rents. Landlords with stabilized tenants recently found out that the Supreme Court won't hear a case on the legality of rent-stabilization. Now landlords could be in for a second disappointment: the smallest rent increase in a decade. According to the Rent Guidelines Board, the Post explains, operating costs for landlords rose only 2.8 percent over the past 12 months, compared to 6.1 percent last year. And rising costs are a major argument from landlords in favor of higher rents.
Last year, the board called for rent hikes of 3.75 percent on one-year leases and 7.25 percent on two-year leases. The board will conduct its preliminary vote on this year's increases on Tuesday. The median stabilized rent right now in Manhattan below 96th Street is $1,480/month.
· Mild rent hike on tap [NYP]
· Rent Guidelines Board coverage [Curbed]
· How Much Does a Rent-Stabilized NYC Apartment Cost? [Curbed]