A specific online tool assists New York City building owners in calculating annual rent adjustments for rent-stabilized apartments. This calculation, based on the annual Price Index of Operating Costs (OPI) established by the Rent Guidelines Board (RGB), helps determine permissible rent increases for lease renewals. For example, an owner might use this tool to determine the allowable increase for a tenant whose lease is up for renewal.
This resource provides transparency and efficiency in determining lawful rent adjustments, facilitating compliance with complex rent stabilization regulations. Historically, navigating these regulations has been challenging. Such a tool simplifies the process for property owners, ensuring they adhere to legal requirements while maintaining fair rent adjustments. This, in turn, contributes to stable and predictable housing costs for tenants in rent-stabilized units within the city.