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Owners of one million apartments at stabilized rent got ammunition allowing them to demand higher rent increases this year, after the council's rent guidelines announced Thursday that their operating costs had jumped 5.5%.
Last year, when costs increased by 4.5%, the board adopted rent increases of 1.5% for one year lease renewals and 2.5% for lease renewals for one year. renewals of two years.
A decision on this year's hikes will be made on June 25, following public hearings.
But homeowners say rising costs, combined with lower net operating income, clearly shows that rents must exceed the current 2.5%.
"Politically motivated rent guidelines are threatening the health of the city's aging housing stock, stabilized by rents," said Vito Signorile, spokesperson for the Rent Stabilization Association, which represents 25,000 homeowners.
He pointed out that homeowners' profits had increased by less than 1%, according to RGB data.
"It is essential that the RGB focus on the adoption of reasonable guidelines this year for the first time since 2013, so that homeowners can properly maintain their buildings and provide adequate housing for their tenants," he said. said Signorile.
The increase in rents in 2013, Bloomberg's last year of administration, is set at 4% for one-year leases and at 7.75% for both years.
Since the administration of Blasio took power in 2014, no increase has exceeded 2.75%.
The RGB formula that serves as a starting point for the deliberations states that rents should increase by 3 to 4.75% for one year leases and 4.7 to 9.25% for two years in order to preserve the property. owners.
Average rents for stabilized apartments amounted to $ 1,482, an increase of 16 per cent over 2018, while expenses increased 22 per cent to $ 727 per unit.
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