On Wednesday, the city’s vast stock of rent-stabilized homes, which has come to be one of New York’s most important sources of lower-cost housing, is about to become a little more expensive.
A New York City panel is set to let rents in the city’s one million rent-stabilized apartment rise for the second consecutive year, citing high inflation and ballooning costs for property owners.
Last month, the panel, known as the Rent Guidelines Board, backed increases on one-year leases of between 2 and 5 percent and increases on two-year leases of between 4 and 7 percent, in a preliminary vote.
Last year, the panel voted to raise rents on one-year leases by 3.25 percent in rent-stabilized homes, and on two-year leases by 5 percent.
The Shirazis, who earn about $4,500 a month in retirement benefits, will find a way to manage, they said.
Persons:
Eric Adams —, —
Locations:
York City, New York