Although deliberations for the City Rent Guidelines Board (RGB) typically begin in March, meetings were postponed until April as a result of ongoing vacancies on the Board.
As we reported earlier this year, the RGB headed into 2019 with three vacancies on the Board after Chairperson Kathleen Roberts, Owner Representative Angela Pinsky and Public Member Hilary Botein resigned from their positions.
By the end of March, RSA learned that Public Member David Reiss had been promoted to Chairperson. However, the promotion of Mr. Reiss still left three vacancies on the Board, with an Owner Representative position still open and now two Public Member seats open.
Despite the vacancies, the RGB kicked off deliberations for Order No. 51 on April 4th. As you can see from the accompanying schedule, this year’s deliberations will be compacted as a result of the late start caused by the difficulties faced by the de Blasio Administration with filling the vacancies on the Board.
Throughout the month of April, the RGB will present their annual Income and Expense (I&E) and Price Index of Operating Costs (PIOC) reports that will play a critical role in what this year’s rent guidelines will ultimately be. We will provide in-depth analysis of those reports and other RGB reports in the May edition of the RSA Reporter.
Additionally, RSA will be presenting thorough testimony before the Board on April 25th with other representatives in the rental housing industry. Although the date had not been released, we expect that the RGB will have their Preliminary Vote shortly after where they will set a range of guidelines that the Board will use to determine a final set of guidelines for one and two-year leases at the end of June.
Please be advised that we fully expect the Board to once again hold public hearings in multiple boroughs prior to the Final Vote. We expect to have those dates and locations some time in May. As we have in the past, we will prep RSA members to come out and testify at these hearings through the RSA Reporter and email blasts.