Rent Stabilized Apartment Leases Could Go Up 7.75% After NYC Board Vote

NEW YORK CITY — New York City's Rent Guidelines Board has voted in favor of potential rent hikes on rent-stabilized apartments.

The panel has tentatively voted 5-4 to raise rents 1.75 percent to 4.75 percent for one-year leases and between 4.75 percent to 7.75 percent for two-year leases.

The board will a final vote on the rent increases in late June. The first public hearing on the proposed rent increases will be held on May 22.

Typically, the rent increases agreed upon during the final vote fall within the preliminary ranges.

Tenant advocates have previously called for a rent freeze instead of increasing rents. On the other hand, landlords argue increases are necessary due to rising costs.

Mayor Eric Adams in a statement said the proposed increases was "too unreasonable" for renters.

“We know our housing crisis requires a wider range of tools than the Rent Guidelines Board vote provides,” Adams said.