The Rent Guidelines Board voted to raise rents on one- and two-year leases on the city's 1 million rent-stabilized apartments and lofts. Find out by how much lease renewals are going up.
's approximately 1 million rent-stabilized apartments and lofts will have to pay more for rent if they renew their leases.
The Rent Guidelines Board on Tuesday voted 5–4 to raise rents on one-year leases by 3.25% and two-year leases by 5%, the largest increases in many years. Indeed, these percentage hikes are notably higher than the modest ones the board approved in 2021, a year into the pandemic. Tenants, as always, have said that rents are too high and that consumer inflation has hot New Yorkers hard. The Rent Justice Coalition, a group that advocates for tenants, called the board's decision to raise rents "outrageous" and blamed"Make no mistake @NYCMayor is responsible for every tenant who will be displaced by this increase,"But landlords have argued that inflation has affected them, too, with rising costs of maintenance, materials, fuel, and more.
In a statement, the mayor said the board's decision is "disappointing" and the rent increases will be a "burden to tenants at this difficult time." But Adams also sympathized with the owners of buildings. "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," Adams said. "This system is broken, and we cannot pit landlords against tenants as winners and losers every year."