RGB Votes to Increase One-Year Lease Rents for First Time Since 2014

The Rent Guidelines Board (RGB) recently voted for a rent increase of 1.25 percent for one-year rent-stabilized leases and 2 percent for two-year leases. This year’s vote represents the end of a two-year rent freeze.

Of the nine-member board, the two votes against came from representatives for building owners. The building owners representatives argued that the rent increases weren’t high enough to adequately cover the rising costs of operating buildings.

The increases take effect on Oct. 1.