Brooklyn Real Estate Q&A and Info

The New York City Rent Guidelines Board last night, amid the usual controversy, approved rent hikes of 3% and 6% for one- and two-year lease renewals for rent-stabilized apartments where the landlord provides heat.  For apartments where heat is not provided, the increase will be 2.5% and 5% for one-year and two-year lease renewals.  The increase affects lease renewals that go into effect after October 1, 2009.

Considering the fact that there are many people unemployed or underemployed, a rent hike for those who can least afford it seems like a hard pill to swallow, however not all landlords are wealthy, and rising expenses makes the increase something that many multi-family property owners need to stay out of bankruptcy and/or foreclosure.

Its a tough situation all the way around for renters and owners a like.