At a meeting this week, New York City’s Rent Guidelines Board advanced a proposal allowing rent hikes of as much as 7.75% for two-year leases on rent-stabilized units.
During the session at LaGuardia Community College in Long Island City, the board also recommended a maximum increase of 4.75% for one-year lease renewals. The motion narrowly passed in a 5-4 vote. Final approval of the proposed ranges is expected at a board vote scheduled for late June.
Each year, the Rent Guidelines Board sets adjustment limits for the city’s approximately one million rent-regulated apartments. The board is composed of members representing the public, tenant interests, and property owners.
These gatherings are frequently marked by spirited protests, as tenants and their advocates turn out in large numbers to push back against possible rent hikes.
Following the vote, Mayor Eric Adams issued a statement acknowledging the complexity of the board’s decision. He emphasized that the city would thoroughly evaluate the proposed adjustments while continuing efforts to improve housing affordability. “I must be clear that an increase as much as 7.75% is far too unreasonable of a burden for tenants, especially as our entire city is feeling the squeeze of a 1.4% housing vacancy rate and a decades-long affordability crisis,” Adams said. “New Yorkers simply cannot bear these costs.”
Building owners had lobbied for even larger increases—8% for one-year agreements and 9% for two-year contracts—citing steep hikes in maintenance and operational expenses. Tenant representatives, on the other hand, called for either a full rent freeze or more modest increases of 1.75% and 3.75%, arguing that the cost of living continues to outpace renters’ incomes.
The board’s decision in June will apply to leases beginning on or after October 1.
The first of several public hearings on the proposal will take place May 22, with additional sessions expected throughout June.
{Matzav.com}