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NYC Rent Board Votes To Increase Rent For Stabilized Apartments

NYC Rent Board Votes To Increase Rent For Stabilized Apartments

06/22/2023 12:00 AM EDT by Krista B.

The rent in New York City will see another increase.

The New York City Rent Board has voted to increase the maximum rent for stabilized apartments. Tenants with one-year leases will see an increase of 3% and tenants with two-year leases will see an increase of 2.75% for the first year and then 3.2% the next year.

The increase will go into effect for any leases that have been signed or renewed after October 1. It was recently reported that this is the second year in a row that the board has voted in favor of a rental increase.

Last year’s vote of a 3.25% increase on one-year leases was the highest increase since Mayor Bloomberg was in office. When the vote first took place, many activists and politicians protested the hike and demanded a rollback. The board would pass a 2-5% increase for one-year leases and a 4-7% increase for two-year leases.

Mayor Adams, who appointed all nine board members, said in a statement, “I want to thank the members of the Rent Guidelines Board for their critically important and extremely difficult work protecting tenants from unsustainable rent increases, while also ensuring small property owners have the necessary resources to maintain their buildings and preserve high-quality, affordable homes for New Yorkers.”

He continued, “Finding the right balance is never easy, but I believe the board has done so this year- as evidenced by affirmative votes from both tenant and public representatives.”

What are your thoughts on this?