The Rent Guidelines Board voted to increase rent for NYC's rent-stabilized apartments by 3% for one-year leases and 4.5% for two-year leases. This decision, made in a 5-4 vote, reflects ongoing tensions between landlord interests and tenant needs amidst the city's affordability crisis. Despite public testimony highlighting tenant struggles, including stagnating incomes against rising costs, the board proceeded with the hikes. This decision has drawn criticism from tenant advocates, suggesting a lack of responsiveness to the housing affordability challenges faced by many residents.
"Tenant board member Adan Soltren criticized Apple and the fellow RGB for ignoring the affordability testimony heard at public hearings since March, and for now raising the rent some 12% over the last four years."
"Board Chair Doug Apple said...the rare re-vote on two-year leases was warranted based on testimony on the impact of potential rent increases on tenants, whose incomes are not keeping pace with the rising cost of living."
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