By Maria Rocha-Buschel
The Rent Guidelines Board shot down the possibility of a rent freeze or rollback during the preliminary vote in a lively meeting at Cooper Union’s Great Hall on Tuesday, approving a range of 0.5 to 2.75 percent for one-year leases and 1.5 to 3.75 percent for two-year leases.
Tenant representatives Sheila Garcia and Leah Goodridge had proposed a possible rent rollback for tenants signing one-year leases, with a range of -0.5 to 0 percent, and the possibility of a freeze for residents signing two-year leases, suggesting a range of 0 to 1 percent, but the motion didn’t pass.
Tenant reps for the RGB have proposed rollbacks and freezes in previous years, although last year Garcia said that the data didn’t necessarily merit a rollback, so she and Goodridge had proposed a freeze during the preliminary vote. But this year, she said that a rollback made more sense.
“We saw the impact of the rent freeze (in the data we looked at this year),” Garcia said following the vote, referring to the freeze on one-year leases that the board had approved in 2016, noting that the board bases their analysis on data that is at least one year old and in some cases, even older. “There was an increase in Net Operating Income (in that year for landlords), most tenants are signing two-year leases and there are all these other sources of income.”