Rent Guidelines Board Hikes Rent on Stabilized Apartments for Third Straight Year at Raucous Meeting

"Rent reform advocates may have notched a big win in Albany this month, but they couldn’t stop the Rent Guidelines Board from raising the rent on stabilized apartments for the third year in a row.

The nine-member board voted 5-4 Tuesday to increase rents by 1.5 % for one-year leases and 2.5 % for two-year leases during a raucous meeting at Cooper Union where protesters often drowned out statements from the panel.

The hike comes days after the state legislature passed a sweeping rent reform package that included lowering the cap on monthly rent increases for major capital improvements to 2% a year from 6%.

“Small building owners are struggling due to high operating costs,” said David Riess, the board’s chair, who introduced the rent hike.

The hike was comparable to 2018's increase, which saw a 1.5 % hike for one-year leases and a 2.4 % hike for two-year leases.

Rent advocates and the Legal Aid Society blasted the vote Tuesday night..."

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