Wednesday marks Rent Guidelines Board final vote on rent adjustments for rent-stabilized units

In May, the board approved a 2% to 5% increase for one-year leases and a 4% to 7% increase for two-year-leases.

News 12 Staff

Jun 21, 2023, 2:14 AM

Updated 357 days ago

Share:

The Rent Guidelines Board is set to vote on rent adjustments for rent-stabilized units in New York City on Wednesday. 
In May, the board approved a 2% to 5% increase for one-year leases and a 4% to 7% increase for two-year-leases. On Wednesday, they’ll decide on the final range.  
While tenants and advocates are concerned with how the change will impact the finances of renters, landlords are also worried about their finances if the rent hike ends up not meeting their needs.  
“Over the past 10 years, my taxes have gone up 160% versus my revenue that has only gone up 137%,” said one landlord at a public hearing from June 13.  
The Rent Stabilization Association, which represents 25,000 landlords, provided the following statement: 
"We have been saying since the RGB's preliminary vote that anything short of establishing rent adjustments on the highest end of the ranges, which were already too low to keep up with always escalating costs, will plunge New York's affordable housing into an insolvency crisis." 
Those on the tenant's side say they fear for their own stability and the city’s future.  
"To impose an increase on them would be pretty devastating and may push some into homelessness,” said Robert Desir, staff attorney at the Legal Aid Society. “We're going to see a place of New York City that becomes increasingly stratified and that more and more people are unable to afford to live in.” 
The board is set to vote at Hunter College on Wednesday night at 7 p.m. 


More from News 12
1:44
Police: Flatbush man charged with vandalizing statues at St. Dominic's Roman Catholic Church

Police: Flatbush man charged with vandalizing statues at St. Dominic's Roman Catholic Church

1:44
Mostly sunny and pleasant weather; tracking strong to severe thunderstorms for Brooklyn

Mostly sunny and pleasant weather; tracking strong to severe thunderstorms for Brooklyn

1:54
‘Violence is guaranteed in life’: One Brooklyn studio says self-defense leads to peace

‘Violence is guaranteed in life’: One Brooklyn studio says self-defense leads to peace

0:21
FDNY: 2 people injured in overnight fire in Brownsville

FDNY: 2 people injured in overnight fire in Brownsville

0:22
NYPD: 29-year-old man stabbed three times in East Flatbush; suspect at large

NYPD: 29-year-old man stabbed three times in East Flatbush; suspect at large

2:15
New York launches Mobile ID to digitize driver’s licenses, non-driver IDs. Here’s how to get it.

New York launches Mobile ID to digitize driver’s licenses, non-driver IDs. Here’s how to get it.

1:28
Garden Guide: This is why your plants are blooming better than usual this year

Garden Guide: This is why your plants are blooming better than usual this year

1:32
Windows, statues vandalized at St. Dominic Church in Bensonhurst

Windows, statues vandalized at St. Dominic Church in Bensonhurst

1:14
Maimonides Health celebrates National Cancer Survivors Day

Maimonides Health celebrates National Cancer Survivors Day

8:06
Carib Biz Network aims to support Black and Caribbean-owned businesses in NYC

Carib Biz Network aims to support Black and Caribbean-owned businesses in NYC

1:54
AG James holds deed theft and foreclosure prevention education panel in Bed-Stuy

AG James holds deed theft and foreclosure prevention education panel in Bed-Stuy

1:29
What’s a heat dome? Here’s what to expect when it arrives next week

What’s a heat dome? Here’s what to expect when it arrives next week

21:13
Kane In Your Corner: Victims of the System

Kane In Your Corner: Victims of the System

0:37
Dog fight! Joey Chestnut out of July 4 hot dog eating contest due to deal with rival brand

Dog fight! Joey Chestnut out of July 4 hot dog eating contest due to deal with rival brand

1:29
Over 200 Brooklyn students set sail on self-made boats in the East River

Over 200 Brooklyn students set sail on self-made boats in the East River

1:45
NYPD: Suspect wanted for shooting 84-year-old woman in East Flatbush

NYPD: Suspect wanted for shooting 84-year-old woman in East Flatbush

0:42
Police identify 82-year-old victim fatally struck by motorcycle in Sunset Park

Police identify 82-year-old victim fatally struck by motorcycle in Sunset Park

0:22
NYPD: Suspect wanted for stabbing 73-year-old man in East Flatbush

NYPD: Suspect wanted for stabbing 73-year-old man in East Flatbush

1:28
Nonprofit in Park Slope helps kids find their superpower

Nonprofit in Park Slope helps kids find their superpower

2:23
Park Slope on edge amid viral video showing man punching someone after Pride celebrations

Park Slope on edge amid viral video showing man punching someone after Pride celebrations