New York City’s roughly 1 million rent-stabilized tenants could see their rents hiked by as much as 6.5%, according to preliminary ranges approved by the
The 2023 Rent Guidelines Board’s final vote. The RGB voted to approve preliminary ranges for rent increases of 2% to 4.5% for one-year leases and 4% to 6.5% for two-year leases. Tuesday April 30, 2024. city’s Rent Guidelines Board Tuesday night.
The board will settle on final rent increase amounts during a scheduled June 17 vote — and if Tuesday’s preliminary vote was any indication, the decisive vote could prove quite uproarious. The board’s two tenant representatives gave lengthy remarks, slamming the process as “a sham” and speaking about the potentially devastating impact of further raising rents on low income tenants before ultimately walking out of the meeting, and abstaining from the vote.
In a Tuesday night statement, Mayor Adams said the upper end of the proposed two-year lease hikes would be untenable for tenants. At the same time, he emphasized the board must also look out for landlords — making sure they have enough income in rent to maintain their properties.
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