Rent Guidelines Board votes in favor of raising rent for rent-stabilized units
The vote will impact the city's more than one million rent stabilized units and has pitted landlords and tenants against one another.
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The Rent Guidelines Board voted 5-4 in favor of rent increases for stabilized units Wednesday.
One-year leases will be increased by 3%, and two-year leases will be increased by 2.75% for the first year and 3.2% for the second year of the lease. It will only affect new leases signed on or after October of 2023.
In a preliminary vote in May, the Rent Guidelines Board approved a 2% - 5% increase for one and a 4% - 7% increase for two-year increases.
The vote impacts the city's more than one million rent-stabilized units. Many of the public hearings leading up to the vote pitted landlords and tenants against one another.
Renters voiced their frustrations, shouting at members of the Rent Guidelines Board due to the results from the vote.
Mayor Eric Adams' office provided the following statement, in part:
"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."
The Rent Stabilization Association provided the following statement, in part:
“The RGB ignored their own data and instead played to the intimidation of radical politicians and activists, depriving the largest providers of affordable housing of the revenue they need to keep up with skyrocketing costs."
