Board votes in favor of proposed rent hike for rent-stabilized apartments in NYC

The vote finished 5-4 in favor of approving a preliminary measure that would raise the rent for rent-stabilized apartments.

News 12 Staff

May 2, 2023, 9:48 AM

Updated 437 days ago

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The Rent Guidelines Board for New York City held a preliminary vote tonight on proposed hikes for rent-stabilized apartments.
The vote finished 5-4 in favor of approving a preliminary measure that would raise the rent for rent-stabilized apartments. However, the new range in potential price increase is smaller than what was initially proposed. 
Advocates and tenants protested at Cooper Union college against the vote in favor of the rent increase, storming the stage at the public vote in unison. 
"I think it was really unfortunate that they decided to increase the rent. Right now, New York City tenants are drowning. So many people just barely have their head above water," said Council Member Sandy Nurse. 
In a previous report released by the board, renters could see an increase from 5.3% to 8.25% for a one-year lease and 6.6% to 15.7% for a two-year lease. Those percentages were not approved in the vote that took place. Instead, one-year leases now may see a 2% to 5% increase in price, and two-year leases could see a 4% to 7% increase. 
The increase is supposed to subsidize landlords' costs for maintaining buildings, but many say this new rent increase may be too much for many tenants who are already feeling the rising costs of inflation.
"I want to be clear that a seven-percent rent increase is clearly beyond what renters can afford and what I feel is appropriate this year.," said Mayor Eric Adams in a statement following the vote. 
While some may consider the drop in percent a small victory for tenants, those in support of landlords disagree.
"A system based on those imbalanced numbers is unsustainable and what we're talking about here is nothing less than the health and viability of affordable housing in New York City," said Michael Tobman, membership director of the Rent Stabilization Association. 
The final vote will take place next month.


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