RGB Vote on Preliminary Guidelines Sets Stage for Unprecedented Rent Freeze

On May 5, the Rent Guidelines Board (RGB) approved preliminary numbers for increasing rent-stabilized rents. The board approved rent hikes of between 0 and 3 percent for one-year renewal leases and increases of between 0.5 percent and 4.5 percent for two-year renewal leases commencing between Oct. 1, 2014, and Sept. 30, 2015. Additionally, the RGB approved a sublet allowance between 0 percent and 10 percent and a special guideline for decontrolled apartments equal to the maximum base rent plus 30 percent or the HUD-issued Fair Market Rent, whichever is greater.

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