Building and Realty Industry Reps Disappointed and Angered by Rent Guidelines Board DecisionPublished On July 21, 2017
“Once again, we are disappointed and upset with the decisions of the Guidelines Board,” said Alana Ciuffetelli, chair of The Apartment Owners Advisory Council of Westchester and The Mid-Hudson Region (AOAC). “The AOAC, in its presentations to the board, provided a series of reports
and studies that illustrated that Westchester’s Apartment Owners and Managers required fair rates of rent adjustments.”
Owners and Managers of ETPA properties are mandated by the board to issue a 1 percent increase for a One-Year Lease Renewal. For a Two-Year
Lease Renewal, Owners and Managers can issue a 1.5 percent increase.
Where the Owner/Manager does not provide heat or hot water, the following guidelines were approved: for a One-Year Lease Term, .8 percent; for a Two-Year Lease Term, 1.2 percent.