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.