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Rent-Controlled Leases May Rise More Than 7 Percent

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New York City's 33,000 rent-controlled tenants may be facing a rent increase of 7.5 percent or more.

Not to be confused with rent-stabilized apartments, which are governed by the city's Rent Guidelines Board and of which there are roughly 1 million, rent-controlled apartments are overseen by the state's Division of Homes and Community Renewal. DNAinfo reports that DHCR, who is holding a hearing this week, is expected to pass a rent hike as high as 7.5 percent, which is the max increase allowable unless a landlord makes "major capital improvements" to a building. The DHCR also meets every two years to vote on increases that exceed 7.5 percent.

Earlier this year, the DHCR discussed allowing an increase to rent-controlled leases as high as 9.6 percent, DNAinfo says. The increase would be spread out over a two-year period. In order to affect the rent increase, landlords of rent-controlled buildings need to appeal to DHCR. In 2014, 83 percent of the 6,347 rent increases landlords applied for were granted by the DHCR.
· Rent-Controlled Tenants Facing Rate Hike as Counterparts Enjoy Rent Freeze [DNAinfo]
· Tracing the Earliest Roots of New York's Rent Control Laws [Curbed]
· New Rent Laws May Be Better For Tenants Than Expected [Curbed]
· Rent Wars archives [Curbed]