NYC’s rent-stabilized tenants could face 6.5% increase after latest board vote
New York City’s Rent Guidelines Board is considering increases of 2 to 4.5% on new one-year leases for tenants in roughly 1 million stabilized apartments, before a binding vote in June. The board is also weighing a 4 to 6.5% rent hike on two-year leases.
The board’s votes typically reflect the will of the mayor who appointed the members. Under Mayor Eric Adams, the board has twice voted to increase rents by at least 3%. Last year’s final 3% increase came after the board considered a range of 2% to 5%. Robert Desir, a staff attorney in the Legal Aid Society’s Civil Reform Unit, blasted the proposed range and said increases will “inevitably lead to higher rates of eviction, displacement and homelessness.”
RSA policy analyst Kelly Farrell said rents are failing to cover “constantly escalating operating costs.”
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