More than a million rent-stabilized tenants can expect modest rent hikes this year after the Rent Guidelines Board reported yesterday that landlords’ operating costs went up by a mere 4 percent in 2007, the smallest such increase in five years.
Last year, tenants were slammed with hikes of 4.5 percent for a one-year lease and 8.5 percent for two-year leases after landlords reported their costs had gone up 7.8 percent.
“Tenants in New York were punished by this board last year,” said tenant advocate Michael McKee. “You would expect lower rent increases [this year], but with this board, who knows?”
The board’s staff said there’s justification for increasing rent by as little as 1.75 and 2.5 percent to as much as 5 and 8 percent — which would still be lower than last year.
The board will vote on a preliminary range of hikes next month and will set final figures in June. They will apply to leases expiring after Sept. 30.