NYC Regulated Apartments Could See Historic Rent Hike

NEW YORK CITY — The rent is too damn low, a city panel said in a vote Thursday night.

New York City Rent Guidelines Board approved preliminary plans to increase rent-stabilized apartment prices up to 6 percent in a five to four vote, live-streamed about 7 p.m. Thursday.

Proposed rents would increase 2-4 percent for one-year leases and 4-6 percent for two year leases on rent-regulated apartments from Oct. 1, 2022 through Sept. 30, 2023.

The proposed increase pleased neither tenants, who advocated for a freeze, nor landlords, who hoped for a 9 percent spike.

“We condemn the Board for voting to increase rents on some of our most vulnerable neighbors," said Adriene Holder of the Legal Aid Society. "New Yorkers are still reeling financially from the pandemic and the local unemployment rate remains one of the highest in the country.

"Tonight’s vote ignores that blatant reality."

Thursday's vote was not the last word as a final vote is expected in late May or June.

This would be the largest hike since 2013, when the board approved 4 percent increases for one-year leases and 7.75 percent for two-year leases under Mayor Michael Bloomberg.

In 2021, the board voted for a 0 percent increase for one-year leases and 1 percent increase for two-year leases.

Mayor Eric Adams Friday distanced himself from the board's decision when a reporter asked if he'd take a stance on the vote.

"We must find that balance of those small property owners and tenants who are suffering," Adams said. "Let this independent board do their job."