The New York City Rent Guidelines Board recently voted down a proposal to cut rents by 3-4.5% for 2 million New Yorkers, and also rejected a competing proposal to increase rents by 3-8%, meaning rent reductions are not expected this year with a rent freeze remaining uncertain until the end of June.
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NYC rent freeze? How about a rent drop? #nyc #newsAñadido:
When is the last time your rent went down? Well, New York City's Rent Guidelines Board recently considered doing just that, cutting the rent on 2 million New Yorkers. Not freezing, cutting.
For apartments, 1-year lease, -3% 2-year lease, >> [cheering] >> -4.5% to 0%. That motion got voted down at a recent meeting, and so did a competing proposal to hike rents by as much as 8%.
1-year lease, 3% to 5.5% 2-year lease, 6% to 8%.
>> So, when is your rent going to go down?
Well, based on what we know so far, it's not happening this year, and a rent freeze, while quite possible, is no guarantee, either. We're going to find out by the end of June.
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