The Rent Guidelines Board last night approved a 1 percent increase for one year renewal leases and 2.75 percent for two year leases effective October 1st. It was the lowest one year guideline in the history of rent stabilization and the lowest two year guideline since 1978 (when, in a peculiar twist, the one year guideline was higher). The decision lets the de Blasio administration claim that the deliberative process was fair despite the Mayor’s calls for a rent freeze, while lenders and investors know bupkis when they see it.
Kyle Kimball, president of the Economic Development Corporation, will be explaining the Mayor’s housing preservation goals at tomorrow’s ABO luncheon. Don’t miss out. Click here to reserve online or call the ABO office now.