The New York City Rent Board has narrowly voted to approve up to 6% rent hikes for stabilized apartments, affecting residents of the city’s one million rent-regulated properties.
Starting October 2023, the 5-4 decision will allow landlords to raise monthly rates by up to 3% for one-year leases and up to 6% for two-year leases, averaging at 4.4% due to the staggered nature of the increases.
Residents choosing a two-year lease could see a rent increase from $2000 to $2120.76 by the second year. The hikes are valid for leases issued or renewed from October 2023 to September 2024.
Mayor Eric Adams praised the board’s decision, stating, “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.”
He added, “Striking the perfect balance is always challenging, but I firmly believe that the board has achieved it this year.”
The decision is the first rent increase cap of 3% or higher for one-year leases since the Bloomberg administration.
Both tenant advocates and landlords have criticized the vote. Landlords argued they needed a substantial hike due to inflation and escalating energy costs impacting building finances. On the other hand, tenants expressed their inability to afford the rent hike, citing these pressures.
The final vote sparked intense protests. In the face of potential rent increases, demonstrators gathered outside Hunter College’s Assembly Hall to demand the board hold rents flat.
The Legal Aid Society also voiced concerns that the rent increase would lead to more New Yorkers being displaced. In a statement, they said, “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.”
