At the Rent Guidelines Board (RGB) Preliminary Vote on April 26th, the Board set ranges for this year's Rent Guidelines:
For a one-year lease: 0.75%-2.75%
For a two-year lease: 1.75%-3.75%
A sublet allowance of 10%
A special guideline for decontrolled apartments equal to the Maximum Base Rent (MBR) + 39%.
These ranges do not accurately reflect owner operating costs, which the RGB calculated to have increased by 4.5%.
This year's preliminary range falls far short of 4.5% and 7.25% for one- and two-year which are the top of the ranges proposed by RGB staff. The Board's failure to set ranges between these numbers is a clear indication that they continue to prioritize a tenant-friendly agenda rather than consider reasonable guidelines that are fair to both owners and tenants.
RSA members are urged to register for the RGB public hearings either through the RGB or by contacting RSA. Members must explain to the Board how this year's potentially low rent guidelines are insufficient to preserve and maintain your buildings as operating costs continue to increase.
For a full list of the public hearings that will take place in June, please CLICK HERE.
The Board will vote on the Final Guidelines on Tuesday, June 26th for leases that commence between October 1, 2018 through September 30, 2019.
Find Your Local Elected Official!
RSA’s top priority is to protect the best interests of the rental housing industry by advocating in the State and City governments.
Although our staff takes pride in advocating on behalf of residential property owners, it is important that you make your voices heard to your local elected officials as well.
Contact Your State Elected Officials - If you live outside of the five boroughs and you want to locate your state elected official.