NYCs Rent Guidelines Board approves hike for rent-stabilized apartments by up to 4.5%
New York City’s Rent Guidelines Board approved a rent hike of up to 4.5% for New Yorkers living in the Big Apple’s nearly 1 million rent-stabilized apartments.In a narrow 5-4 vote Monday night, the board approved a rent increase of 3% for 1-year leases and 4.5% for 2-year leases that start on or after Oct.1.
The final increase is notably higher than what Mayor Eric Adams — who appointed all nine board members, including two tenant representatives and two landlord representatives — had pleaded for ahead of the final vote.“While the board exercised their independent judgment, and made an adjustment based on elements such as inflation, I am disappointed that they approved increases higher than what I called for,” he said in a statement.
Earlier in the day, Hizzoner had urged board members to approve the minimum increases it had set at 1.75% and 3.75% hikes on 1-year and 2-year leases, respectively.Before Monday’s final vote, the board had voted in early May to increase the rent of tenants in rent-stabilized apartments by at least 4.75% for new two-year leases — but it was scaled back to a minimum of 3.75% in a rare reversal less than a month later.
The board had set the maximum possible hike it’d be voting on to 7.75%.“This board, mandated to be independent under any mayor who comes down the road, cannot continue to operate in a bubble.
These [rent-stabilized] buildings are systematically defunded term after term, and it’s on the watch of elected officials,” board member Christina Smith said during the Monday meeting.“Sadly, anything that happens tonight will not solve the serious housing crisis that faces the not-for-profit housing providers, the supportive housing providers, the public housing providers, nor the private owners who the activists love to vilify.It’s on you, elected New York City.
This crisis is on you.”In the weeks leading up to the consequential vote, the board held five public hearings and received more than 200 vi...