Rent Guidelines Board set to vote on rent increase in rent-stabilized units across NYC
The Rent Guidelines Board will meet Tuesday to vote on if the rent will increase in rent-stabilized units across the city.
If the board approves red increases, they would begin at a new higher rate later this year. Rent for a one-year lease could go up anywhere from 2% to 4%, and two-year leases could raise anywhere from 4% to 6%. This would be the highest rent increase that city tenants have seen in years.
The Rent Guidelines Board met one month ago and cast its preliminary vote in favor of increasing the rent. As inflation is up over 6%, energy costs and property taxes have also increased, and those in favor of the rent increase are arguing that costs have skyrocketed since the pandemic.
The Legal Aid Society is calling for a freeze on all rent increases in New York City, saying that the increase will impact the city’s most vulnerable populations.