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NYC Landlords Want 8 Percent Rent Hike

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May 3, 2006 10:28 am US/Eastern

NYC Landlords Want 8 Percent Rent Hike

Cite Rising Fuel Costs, Taxes

NEW YORK (AP) ―

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New York City landlords are seeking an 8 percent rent hike for rent-stablized apartments, and they want to end two-year leases, saying that it is hard to predict expenses so far in advance.

Jack Freund of the Rent Stabilization Association, which represents landlords, said higher fuel costs, taxes and insurance are the reason for the higher rents.

But Michael Mckee of a tenant's group said landlords have been crying poverty for 20 years while buying more and more buildings.

The New York City Rent Guidelines Board will vote next week on a preliminary rent hike for the city's 1 million rent-stabilized apartments. The final vote will take place next month after a series of public hearings.