According to an article in today’s New York Times, the Rent Guidelines Board, which oversees proposed increases in rent for tenants living in rent-regulated apartments, there will be an increase in 2009. Despite wide-spread calls for a rent freeze or even a decrease, the RGB has stated that rents will likely be raised between 2% and 4.5% on one-year leases and between 4% and 7.5% on two year leases, despite a stagnant economy. The increases are supposedly to help landlords cover rising expenses. FYI–the RGB has never lowered or frozen rents since its inception in 1969.
More coverage over on Curbed.
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