The Rent Guidelines Board has adjusted the range for rent increases on two-year leases for rent-stabilized apartments to 3.75% to 7.75%, reflecting concerns over tenant affordability amid rising living costs. This decision, made by a 5-3 vote, comes after feedback indicating a need for reconsideration of prior guidelines. While one-year leases remain untouched, tenant advocacy groups are urging for a rent freeze, highlighting the disparity between landlord profits and tenant incomes. The final vote on this measure is expected soon, with potential changes taking effect in October 2025.
The board voted 5-3 to approve a new range for two-year leases to be 3.75% to 7.75%, down from the 4.75% minimum they passed last month.
Doug Apple, the chair of the board, said the board was moved to adjust the range due to 'additional evidence' that indicated 'a reconsideration of the preliminary guidelines for two-year leases were warranted.'
Cea Weaver, director of the NYS Tenant Bloc, said, 'Landlords are making unprecedented profits while New Yorkers are getting priced out of the city we love.'
Collection
[
|
...
]