NYCs Rent Guidelines Board walks back hike on stabilized apartments in rare revote

The Rent Guidelines Board on Tuesday scaled back its planned hikes on nearly 1 million rent-stabilized units — in a rare reversal that landlords said will leave New York City’s aging buildings in disrepair.The board’s re-vote shaved down the proposed range of increases for two-year leases to 3.75% to 7.75%, down from the minimum of 4.75% that it passed last month.Rent increases for one-year leases will stay the same at a range of 1.75% to 4.75%.Ann Korchak, president of the Small Property Owners of New York, said she had pushed for at least a 6.3% increase on rent-stabilized units.“The RGB process is intended to be based on the math,” Korchak said, calling on the city to freeze property taxes and utility costs to help landlords stay afloat.The nine-member board, which has greenlit 9% in rent increases over the last three years, will finalize the rates June 25.Mayor Eric Adams, who appointed most of the board’s current members, had called the old proposed increase “far too high” and urged balance.“New Yorkers are hurting.I’ve been very clear we need a balance,” Hizzoner said at an unrelated press conference Tuesday.The Legal Aid Society slammed any increase as “reckless,” arguing that landlords are already seeing strong returns.“In the weeks ahead, we urge the Board to listen to tenants, hear their concerns, and recognize how reckless it would be to raise rents on poor and working-class households in these unprecedented times,” the group said in a statement.The board has two owner representatives, two tenant representatives and five public members.Any approved hikes would affect rent-stabilized leases starting on or after Oct.

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