Costs up for owners of rent stabilized buildings, RGB says

nov20-mike-mckee

Mike McKee of TenantsPAC

By Maria Rocha-Buschel

Prices have increased 6.2 percent for owners of rent stabilized buildings in the last year, a study released by the Rent Guidelines Board last Thursday found.

RGB executive director Andrew McLaughlin said that one of the main factors for this increase was a 24.6 percent increase in fuel costs due to the year’s winter weather, which was reportedly colder than average.

However, RGB tenant member Harvey Epstein expressed concern and confusion about the reported increase in fuel costs, noting that 2016 was one of the hottest years on record. McLaughlin explained that the winter was 18 percent colder than the previous year, based on comparing each month to those in the previous year, and there were more days in which the average temperature was lower than 65 degrees.

The increase in fuel costs from 2016 to 2017 contrasted sharply with prices from the previous year, when fuel cost decreased 41.2 percent and by 21 percent the year before that. The decrease in last year’s fuel costs contributed to the negative price index in 2016, at -1.2.

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