RGB Votes on Preliminary Rent Increase Guidelines
On May 5, the Rent Guidelines Board (RGB) held a preliminary vote on rent increases for rent-stabilized apartments. The chair’s proposal passed by five votes, allowing for 0 to 2 percent increases for one-year leases, 0.5 to 3.5 percent for two-year leases, and 10 percent for sublets. This year’s preliminary vote follows last year’s record low increases. Last year, the board voted to raise rent by 1 percent for one-year lease renewals, and 2.75 percent for two-year renewals.