NYC Board Votes To Lower Rent Hikes On 2-Year Apartment Leases

NEW YORK CITY — New York City's Rent Guidelines Board on Tuesday revoted to amend the proposed increase of rent for two-year rent stabilized apartment leases.

The board voted to lower the proposed range increases to between 3.75 percent and 7.75 percent — a 1 percent difference from last month's preliminary range of 4.75 percent to 7.75 percent, Patch previously reported.

The proposed one-year lease increase remain unchanged at between 1.75 percent and 4.75 percent.

The revote on Tuesday is not the last vote on rent increase. That final vote on rent increase is expected to be held at the end of June, officials said.

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 previously said 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 after the first vote.