By Robert Tannenhauser
Increases in rents effective for rent-stabilized apartment leases commencing October 1, 2022 were preliminarily approved at the Rent Guidelines Board meeting Thursday night, May 5th. The vote was 5-4 vote in favor of an increase between 2% – 4% for one-year leases and between 4% – 6% for two-year leases.
This came after the tenants-group proposal for a decrease of 1% to an increase of 1% for one-year leases, and a range of 0% – 1.5% for 2-year leases, was voted down by a 6-3 margin.
A landlord’s proposal for increases between 4.5% to 6.5% for one-year leases, and 6.5% to 8.5% for two-year leases was also voted down by a 7 to 2 margin. The proposal for no increases on Hotel stabilization units was passed by a 7-2 vote. There will be two more hearings before a final vote is taken on June 15th.