Rent Guidelines Board Sets No Raise for 1-Year Leases
Yesterday, the NYC Rent Guidelines Board set 0% (no raise) for one-year rent stabilized leases and 2% for two-year rent stabilized leases. The 0% percent for one-year leases was the first time that no increase was ever granted for a rent stabilized lease.
Recently, the the State renewed the rent laws that governed rent stabilization and changed the rules governing vacancy decontrol. Those rules do not apply to any current tenants living in their apartments, but may preserve a number of Fresh Meadows apartments in the future as rent-stabilized.