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NYC RENT GUIDELINES BOARD APPROVES RENT INCREASES FOR RENT-STABILIZED APARTMENTS

Finn Hoogensen and Katie Corrado
44 mins ago

A general view of the Manhattan skyline in New York City on September 19, 2022.
(Photo by Ed JONES / AFP) (Photo by ED JONES/AFP via Getty Images)

NEW YORK (PIX11) – The Rent Guidelines Board approved rent increases for New
York City’s roughly one million rent-stabilized apartments.

Landlords will be able to increase rent by 3% on one-year leases. They will be
able to increase rent by 2.75% for the first year on two-year leases and 3.2%
for the second year. The rent increases apply to new leases signed on or after
Oct. 1, 2023.



The Rent Guidelines Board approved the rent hikes in a 5-4 final vote on
Wednesday, after months of deliberations and contentious meetings with the
public.

In May, the board had approved a preliminary range of increases of 2-5% on
one-year leases and 4-7% on two-year leases.

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Tenants and advocates had decried the proposed rent hikes, calling for a
rollback or freeze on rent instead. Landlords have demanded rent increases to
cover their rising expenses.



Mayor Eric Adams commended the Rent Guidelines Board’s vote, saying the approved
rent increases struck the right balance.

“I want to thank the members of the Rent Guidelines Board for their critically
important and extremely difficult work protecting tenants from unsustainable
rent increases, while also ensuring small property owners have the necessary
resources to maintain their buildings and preserve high-quality, affordable
homes for New Yorkers,” Adams said. “Finding the right balance is never easy,
but I believe the board has done so this year — as evidenced by affirmative
votes from both tenant and public representatives.”

However, The Legal Aid Society, which had advocated for a rent freeze,
criticized the Rent Guidelines Board’s decision.

“With tonight’s vote to increase rents for some of our most vulnerable
neighbors, more New Yorkers will find themselves displaced from their homes and
communities onto the streets or in local shelters,” said Adriene Holder, chief
attorney of the Civil Practice at The Legal Aid Society. “As detailed in
a report issued by Board staff this past April, the majority of tenants in
rent-stabilized units are already significantly rent burdened. Moreover, another
recent report revealed that New York City is in the midst of the worst
affordability crisis of the last two decades.” 

Last year, the Rent Guidelines Board approved a 3.25% increase on one-year
leases and a 5% increase on two-year leases for rent-stabilized apartments.

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