Living in New York City is so desirable that people will pay exorbitant rents for even the smallest of studios. The City is beautiful, economic opportunities overflow, the atmosphere is fun, energetic, and lively, and the city itself is exceedingly diverse. What’s not to love. Except, of course, for that crazy rent paid for a tiny little space. Unfortunately, that rent is about to increase.
The rent on certain hotel units, apartments, and rent stabilized lofts will be raised very soon. This was a decision reached by the NYC Rent Guidelines Board this year, on April 25. If the renewal of your lease was scheduled for between October 1 of this year and September 30 of next year, in all likelihood, you will see an increase in rent.
How Much Will Your Rent Go Up?
The proposed amount of all or some of the rents in question has yet to be voted on. The deciding vote will take place on June 27 of this year. April’s preliminary vote, however, suggested rent increases for one-year leases to amount to 3%. For two-year leases, the proposed amount was 4%. Again, this was voted on by the Rent Guidelines Board.
Is Anyone Happy About This Rent Increase?
It won’t surprise anyone to find out that this is extremely upsetting to the tenants that will be affected by it, particularly those hoping for a rent freeze. In the past couple of years, tenants have enjoyed two such rent freezes and were undoubtedly hoping that there would be no rent increases again. Tenants everywhere, New York, in particular, seem to be paying more and more rent out of their household incomes. Yet few of those incomes are increasing significantly.
Strangely enough, property owners and landlords are dissatisfied as well with this latest proposed increase in rent. Because of “rising costs” many property owners and landlords say they are experiencing, they actually were hoping for an increase on a larger level. With the number of rent stabilized tenants decreasing, the merit of the argument seems to decrease along with them.
Is There Anything That Can Be Done About This Rent Increase?
Before the vote takes place on June 27, the proposed increase will be the subject of a number of public meetings – five in all. If you wish to attend, hearing information can be viewed by clicking here. If you so choose, you can even use one of these meetings at which to speak up and present your arguments, opinion, etc. If you would like to register to speak, dial 212-669-7480 and then push 0.
If you think that illegal raising of rent(s) is occurring or has occurred, you should not wait to speak with someone that can help you with legal representation. A lawyer can go over the rights of tenants and assist you in determining if you have a case against your landlord/property owner. If your business is renting a space and you feel that your rights as a renter have been violated, your rent has increased exponentially without cause, or agreements made in a real estate deal have not been met, legal representation is available for these instances as well. Before getting into a shouting match and letting things get out of hand, a lawyer should be consulted as soon as possible.