The Rent Guidelines Board voted last night to increase rents on stabilized apartments 4.5% on 1 year leases and 8.5% on two year leases, the biggest increase since 1989. One million people are affected by the increase. Neither landlords nor tenants were happy with the numbers.
While the increases are high, it should be acknowledged that increases in expenses to landlords have been steep, especially for fuel. While I promise not to go on a rant, I do not approve of this quasi-socialist system. I know the arguments and I have heard them again and again. But, there is no reason one million people should have artificially low rents. In effect those low rents drive up the market rents for the rest. In a capitalist country with the ideal of equality, nobody should be more entitled to live in the city than anyone else.
Board Backs Rise In Rents Up To 8.5% (NY Times)