The Rent Guidelines Board in New York City approved a rent increase of 3% for one-year leases and 4.5% for two-year leases for approximately 1 million rent-stabilized apartments. This decision, made by a 5-4 vote, comes amid rising affordability concerns and a contentious mayoral race. Mayor Eric Adams advocated for the lowest possible increase while opposing a rent freeze proposal. The board had previously considered smaller increases in April. The new rates are expected to take effect in October, reflecting ongoing financial pressures faced by landlords and tenants alike.
"It is the role of this board to balance the reality of rising cost and financing challenges facing owners with what are deep affordability challenges facing tenants," said Doug Apple, the board chair, to boos from the crowd.
"While freezing the rent may sound like a catchy slogan, it is bad policy, shortsighted, and only puts tenants in harm's way. As the mayor of this city, I will never choose a politically advantageous position over what I know in my heart to be best for New Yorkers," Adams said.
Collection
[
|
...
]