NYC Rent Guidelines Board Approves Increases on One and Two -Year Rent-Stabilized Leases

NYC Rent Guidelines Board Approves Increases on One and Two -Year Rent-Stabilized Leases

By Yehudit Garmaise 

Rents on more than one million NYC apartments will climb moderately after the city’s Rent Guidelines Board (RGB) voted on Tuesday night to approve a 3.25% increase on one-year rent-stabilized leases and a 5% increase on two-year leases. 

“While we raised our voices and were successful in pushing the increases lower, the RGB’s determination will, unfortunately, be a burden to tenants at this difficult time, and that is disappointing,” said Mayor Adams, who also pointed out that small landlords are at risk of bankruptcy because of years of no increases at all. 

The mayor said that rents that remain too low put building owners of modest means at risk and threaten the quality of life for tenants “who deserve to live in well-maintained, modern buildings.”

The RGB’s 5-4 votes come a month after the board’s preliminary vote to set a range on the rent increases of between 2% and 4% for one-year leases and between 4% and 6% for two-year leases, 1010 WINS reported.

“We cannot pit landlords against tenants as winners and losers every year,” Adams said. “That is why I have successfully fought so hard for support for working people, like childcare support and a historic earned income tax credit. 

“It’s also why I will be fighting in Albany for additional support for tenants who are at risk of missing rent payments and landlords who are struggling to maintain and upgrade their buildings.”

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