NYC Rent Freeze is Over

For years 2015 and 2016 rents for one year leases of rent stabilized units were not subject to an increase. On Tuesday June 27, 2017, the Rent Guidelines Board (RGB), by a vote of seven to two, approved rent increases for rent stabilized units. One year leases commencing on or after October 17, 2017 will be subject to an increase of 1.25% and two year leases will be subject to an increase of two%.

Statutory Vacancy Lease Increases for a one year vacancy lease is 19.25% and 20% for a two year vacancy lease.  For Sublet Allowance: the Sublet Allowance is 10%.  For Apartments leaving Rent Control: Landlords are allowed to set a market rent for units exiting rent control, subject to the tenant’s right to a Fair Market Rent Appeal.

The rent freeze still in place for all categories of hotels.

The Luxury Deregulation threshold for New York City is now $2,733.75 up from $2,700.

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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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