Rent Freeze Melts

On Tuesday April 25, 2017, the Rent Guidelines Board (RGB) approved to increase rents between one and three percent for one year leases and between two and four percent on two year leases. The nine members of the RGB approved the increase in a 5-4 vote. A final vote on the exact increases for one and two year leases will be determined on June 27, 2017.

The vacancy rate and luxury vacancy decontrol threshold has yet to be determined and most likely will be set on June 27.

For the past two years, rents have been frozen despite increases in building operating expenses such as taxes and/or assessments and water/sewer rates.

In New York City, rent regulated units exist in some buildings with five or more units.

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About alexisak

Born and raised in Queens New York, Alex Isak, a Director of Sales for Goldenwood Property Advisors, is a helpful man who breathes Commercial Real Estate. Alex Isak has brokered numerous transactions within the five boroughs and specializes in multifamily and mixed use property on the Upper West Side of Manhattan. In his spare time, Alex Isak helps raise funds for various charities and coaches a junior varsity basketball team in Forest Hills, New York. To date, Alex Isak helped raise over $1,000,000.00 most of which went towards early childhood education.
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