Higher Costs Proposed for Rent-Stabilized New York City Residents

New York–New York landlords want to raise rents for the city’s 1 million rent-stabilized tenants to offset higher energy and other costs, the New York Daily News reports.Landlords say they need a 10 percent minimum rent increase to fund higher heating oil, water and sewer bills and the general cost of maintaining older buildings. Roughly 25,000 landlords rent stabilized apartments in New York.The rent spike would mean an average increase of $78.20 for stabilized apartments. Renter advocates are against the rise because they feel it could force the lowest-income renters out of their units.The Rent Guidelines Board is scheduled to release its initial rent increase proposal for leases beginning Oct. 1 this week.