New York City\u2019s Rent Guidelines Board approved a rent hike of up to 4.5% for New Yorkers living in the Big Apple\u2019s nearly 1 million rent-stabilized apartments.<\/p>\n
In a narrow 5-4 vote Monday night, the board approved a rent increase of 3% for 1-year leases and 4.5% for 2-year leases that start on or after Oct. 1. <\/p>\n
The final increase is notably higher than what Mayor Eric Adams \u2014 who appointed all nine board members, including two tenant representatives and two landlord representatives \u2014 had pleaded for ahead of the final vote. <\/p>\n
\u201cWhile the board exercised their independent judgment, and made an adjustment based on elements such as inflation, I am disappointed that they approved increases higher than what I called for,\u201d he said in a statement. <\/p>\n
Earlier in the day, Hizzoner had urged board members to approve the minimum increases it had set at 1.75% and 3.75% hikes on 1-year and 2-year leases, respectively. <\/p>\n
Before Monday\u2019s final vote, the board had voted in early May to increase the rent of tenants<\/a> in rent-stabilized apartments by at least 4.75% for new two-year leases \u2014 but it was scaled back to a minimum of 3.75%<\/a> in a rare reversal less than a month later. The board had set the maximum possible hike it\u2019d be voting on to 7.75%. <\/p>\n \u201cThis board, mandated to be independent under any mayor who comes down the road, cannot continue to operate in a bubble. These [rent-stabilized] buildings are systematically defunded term after term, and it\u2019s on the watch of elected officials,\u201d board member Christina Smith said during the Monday meeting.<\/p>\n The Rent Guidelines Board approved a hike for rent-stabilized apartments by 3% and 4.5% depending on the lease length. AFP via Getty Images<\/p>\n \u201cSadly, anything that happens tonight will not solve the serious housing crisis that faces the not-for-profit housing providers, the supportive housing providers, the public housing providers, nor the private owners who the activists love to vilify. It\u2019s on you, elected New York City. This crisis is on you.\u201d<\/p>\n In the weeks leading up to the consequential vote, the board held five public hearings and received more than 200 video testimonies. <\/p>\n On the day of, the tense meeting was interrupted by community members chanting, \u201cFreeze the rent!\u201d and blowing whistles during the board members\u2019 discussion. <\/p>\n