Board Approves 3% Rent Hikes For 2 Million NYers In Stabilized Homes

NEW YORK CITY — A sure-to-be-controversial vote by a powerful board will allow 3 percent rent hikes up for two million New Yorkers.

The Rent Guidelines Board late Wednesday approved 3 percent increases for rent-stabilized tenants with one-year leases and successive 2.75 percent and 3.2 percent increases for each year on two-year leases.

The total rent hike for two-year leases would be roughly the same as a 4.5 percent increase because it unfolds over years, officials said.

The final vote drew a chorus of jeers from tenant advocates, both in the meeting itself and outside in New York City's ether.

"Any increase approved by the Board is a failure, and an unsustainable burden on tenants across New York City," Public Advocate Jumaane Williams tweeted.

“This willful increase from the Board is both immoral and bad policy that will deepen the local homelessness and eviction crisis that Albany and City Hall seem unable and unwilling to even address," Adriene Holder, an attorney with The Legal Aid Society, said in a statement.

The decision came a year after only slightly less controversial increases of 3.25 percent and 5 percent, respectively, for one- and two-year leases.

Those rent hikes were the largest since former Mayor Michael Bloomberg's administration.

Advocates argued that any increases not only would be dangerous for New Yorkers in rent-stabilized homes, but fail to address the root causes of housing costs in the city.

But many landlords pushed for even higher hikes to offset what they said were rising costs to operate their homes.

Mayor Eric Adams, who appointed the board, argued that their vote managed to address both sides.

"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," he said in a statement.

The final vote was 5 to 4.