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Board Vote Signals Rent Hikes on Stabilized Apartments

The preliminary vote from the Rent Guidelines Board suggests that rents will increase in October.
Prospect, Crown Heights Rents Reach Record Highs As Pandemic Deals End

Tenants who live in a rent stabilized apartment could face rent increases later this year, after a preliminary vote Tuesday by the city Rent Guidelines Board.

The nine-member board, all of whom are appointed by the mayor, said it is considering hiking rents by 2% to 4.5% on one-year leases, and 4% to 6.5% on two-year leases, according to the video of the public meeting. 

Following a rent-freeze during the pandemic, the board has now twice increased the rent on stabilized apartments, including by 3% last year. There are over 1 million rent stabilized apartments in the city.

In a statement released after the vote last night, New York City Mayor Eric Adams said the 6.5% increase goes "far beyond" what is reasonable.

“Tenants are feeling the squeeze of a decades-long affordability crisis, which has been accelerated by restrictive zoning laws and inadequate tools that have made it harder and harder to build housing. Our team is taking a close look at the preliminary ranges voted on by the Rent Guidelines Board this evening and while the Board has the challenging task of striking a balance between protecting tenants from infeasible rent increases and ensuring property owners can maintain their buildings as costs continue to rise, I must be clear that a 6.5 percent increase goes far beyond what is reasonable to ask tenants to take on at this time. I know well that small property owners also face growing challenges, and I encourage them to work with the city to utilize our many preservation tools so that, together, we can work to stabilize buildings and neighborhoods, all while keeping tenants in their homes," the statement read.

The Legal Aid Society said it was disappointed with the outcome of the preliminary vote. 

“...We urge the Board to listen to the cries of tenants and take into account how any rent increase will inevitably lead to higher rates of eviction, displacement and homelessness for the more than two million New Yorkers who reside in a rent stabilized dwelling," the group said through a statement.

There will be another public meeting on May 23, before a final vote in June. If enacted, the new rent increases will be reflected in leases starting in October 2024.