NYC's 2.4 million rent-stabilized tenants will see increases increases of 3.5% for one-year leases and 5% for two-year leases after the Rent Guidelines Board on Tuesday approved the biggest single-year increases in nearly a decade.
leading up to Tuesday's vote, pointing to the rising cost of living in New York City, and already subpar building conditions.
But landlords have pushed for even steeper increases, arguing that building maintenance and insurance costs have surged. And after eight years of small or no increases under former Mayor Bill de Blasio, owners say they can no longer afford to keep their buildings in good repair. Under de Blasio, the board kept rent increases at historic lows, never surpassing 1.5% for one-year leases and 2.75% for two year leases in a given year. During the first year of the pandemic, the board kept rents flat. Tuesday’s vote was the first under Mayor Eric Adams’ administration, and set the tone for a more landlord-friendly era., campaigned on a more business-friendly mayoralty than his predecessor. Within minutes of the vote concluding, he issued a statement.
“The determination made by the Rent Guidelines Board today will unfortunately be a burden to tenants at this difficult time — and that is disappointing,” the mayor said. “At the same time, small landlords are at risk of bankruptcy because of years of no increases at all, putting building owners of modest means at risk while threatening the quality of life for tenants who deserve to live in well-maintained, modern buildings.
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