From the New York Times:
Rents for New York City’s one million rent-stabilized apartments will rise less than in the past several years under guidelines set Thursday evening at a typically raucous public meeting.
The city’s nine-person Rent Guidelines Board approved rent increases of 2.25 percent for one-year leases and 4.5 percent for two-year leases. The increases apply to leases renewed between Oct. 1, 2010, and Sept. 30, 2011.
Oh the joys of central planning.
Joseph Strasburg, president of the Rent Stabilization Association, which represents thousands of landlords, said 10 percent of the city’s low-income rental units were endangered because owners had fallen behind in real estate taxes and municipal fees. He said the city should subsidize tenants and give property owners tax credits, rather than leave the matter up to the Rent Guidelines Board.
“This is a process that continues to pit landlords against tenants,” he said.