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Tenants Expect Lease Rates To Go Up

The tenants are at risk of seeing a 3% increase due to the new guidelines that were introduced recently. 

 

October 11, 2023

The tenants living in the rent-stabilized apartments are now at risk of a 3% increase in the lease after the release of new guidelines that went into effect recently. 

In late June, the Rent Guidelines Board approved a 3% increase on one-year leases. Furthermore, for rent-stabilized apartments, they authorized a 2.75% hike for the first year of two-year leases and a 3.2% increase for the second year, with these changes taking effect in late June.

The study conducted on this reveals that there are around 25000 property owners in the city. Michael Tobman, the Director of the Rent Stabilization Association said that the cost of living has gone up for nearly everyone be it landlords, or New Americans getting a foothold on the American Dream. 

He also said that a 3% increase in the lease amount is not enough to meet the landlord’s cost. Amidst this, a Chelsea resident, Ann Sherill started packing her belongings and preparing for her new life in Margaretville. 

She finds the city to be expensive and thinks that living in Margaretville will be much cheaper. The housing and financial crisis has witnessed several low-income families moving from apartments to renting rooms. 

The residents believe that the landlords of rent-stabilized apartments should show compassion towards their tenants. 

Hermann Vessey, a 21-year-old Chelsea resident and coffee shop barista, stated that without winning a housing lottery for subsidized housing a decade ago, affording a two-bedroom apartment in the neighborhood would be impossible for him and his mother.

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The content provided in this article draws inspiration and includes quotes from various reputable sources, including news articles, government data, and interviews. Affordable Housing 411 strives to ensure accuracy and credibility, but the information presented may be based on some external sources. We encourage readers to refer to the referenced materials for more in-depth insights and verification.

Lee Ron. “Rent-Stabilized apartment tenants could see lease rates go up”. NY, October 1, 2023, 

Rent-stabilized apartment tenants could see rent hikes (ny1.com)

Last Updated: September 20, 2021