Tenants who live in a rent-stabilized apartment could face rent increases later this year, after a preliminary vote taken by the city Rent Guidelines Board on Wednesday.
The board, comprised of a nine-person panel of mayoral appointees, said it is considering hiking rents by 1.75% to 4.75% on one-year leases, and 4.75% to 7.75% on two-year leases, which will affect about 1 million rent stabilized apartments in the city.
In a statement released after the raucous public meeting, New York City Mayor Eric Adams said "that an increase as much as 7.75% is far too unreasonable of a burden for tenants."
"Tonight, the board made a challenging decision to approve a preliminary range for rent-stabilized lease adjustments aiming to strike a balance between protecting the quality of rent stabilized homes as costs continue to rise without overburdening tenants with infeasible rent increases," he said. "In the coming weeks before a final vote, we will take a close look at the preliminary ranges voted on by the Rent Guidelines Board, but 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. New Yorkers simply cannot bear these costs."
As the June primary election approaches, many mayoral candidates have called for a rent freeze, including Assemblymember Zohran Mamdani, Comptroller Brad Lander, Council Speaker Adrienne Adams, former Comptroller Scott Stringer and State Senator Zellnor Myrie.
Tenant-rights advocates were appalled by the suggested rent increase.
"Freezing the rent would put $600 a month back in our pockets, so no one has to choose between rent and groceries," said Cea Weaver, director of the New York State Tenant Bloc. "It is the single most powerful thing the mayor can do to make New York affordable. Tenants are the majority in New York City. If Adams won’t freeze the rent, we have the power to elect a mayor who will."
The RGB will have several public hearings in May and June. The date of the final vote has not been determined.
