Sunday, June 23, 2013

RGB votes highest increase since 2008 for rent stabilized lease renewals

The Rent Guidelines Board voted that rent stabilized tenants who renew their leases effective any time from Oct. 1, 2013 through September 30, 2013 must pay these increases:

For a 1-year lease renewal:  4% increase  

For a 2-year lease renewal:  7.75% increase.

Since it appears the RGB's calculations are based on poor math, this is quite a hit.  But it's a boon for the landlords.