The Rent Guidelines Board on Tuesday lowered the range of rent increases on two-year leases for rent-stabilized apartments.
The board voted 5-3, with once absence, to approve a new range for two-year leases to be 3.75% to 7.75%, down from the 4.75% minimum they passed last month. One-year leases remain unchanged with a range of 1.75% to 4.75%.
Doug Apple, the chair of the board, said the board was moved to adjust the range due to "additional evidence" that indicated "a reconsideration of the preliminary guidelines for two-year leases were warranted."
Apple said the board received much evidence before and after their previous April 30 vote. "In particular, we received testimony on the impact of potential rent increases on tenants, whose incomes are not keeping pace with the rising cost of living," Apple said.
Tenant advocacy groups have been vocal about freezing rents on the nearly 1 million rent-stabilized apartments, especially during an election year.
“Landlords are making unprecedented profits while New Yorkers are getting priced out of the city we love," said Cea Weaver, director of the NYS Tenant Bloc. "The mayor’s Rent Guidelines Board had one clear choice: to freeze the rent. But 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.”
In 2024, the board approved hikes of 2.75% for one-year leases and 5.25% for two-year leases.
The final vote is scheduled on June 27, and the rent increases will take effect on October 1, 2025.
