(New York, NY) — The New York City Rent Guidelines Board is set to hold a preliminary vote today on rent increases for rent stabilized apartments. It could be the fifth consecutive rent hike if approved. Last year, the board gave the green light to rent spikes of 2.75 percent on one-year leases and 5.25 percent on two-year leases. The rent hikes were similar in 2022 and 2023.
Mayor Adams has said he sympathizes with the costs landlords have to pay to keep up buildings. Several candidates vying for mayor have said they would push the board to leave rents alone, but Mayor Adams has not made the same commitment.
Landlords say the rising cost of insurance and fuel have made it hard to keep their properties in order. Tenants say rising costs of food and clothes are leaving them with little cash on hand at the end of the month. Rent hikes would go into effect for leases starting October 1st.
