The New York City Rent Guidelines Board on Monday night voted to increase the rent on the city's nearly one million rent stabilized apartments.
The board voted to allow landlords to increase rents by 2.75% on one-year leases and 5.25% on two-year leases.
The board had been deciding the rates on two proposed hikes: a 2% to 4.5% increase on one-year leases, and a 4% to 6.5% increase for two-year leases.
Now that they are approved, the increases are likely to take effect in October.
Nestor Davidson, chair of the New York City Rent Guidelines Board, said in a statement that although the board recognizes that the rent burden on tenants continues to be "significant," it was also important "to recognize that owners face significant challenges maintaining the quality of rent-stabilized housing and preserving this vital stock for tenants in the long run."
In a statement after the vote, New York City Mayor Eric Adams said he was "grateful for the board’s careful consideration of the data and their decision to limit increases this year."
Many housing advocates, however, were not pleased with the rent hike.
“Once again, the Rent Guidelines Board has voted to increase rents on stabilized units across the city, jeopardizing the housing stability of more than one million tenants," said Adriene Holder, chief attorney of the Civil Practice at The Legal Aid Society. "These needless rent hikes for an already struggling population will undoubtedly lead to increased rates of homelessness, eviction, and displacement."
