The New York City Rent Guidelines Board revised its earlier proposal regarding rent increases for two-year leases on rent-stabilized apartments, reducing the increase range from 4.75%-7.75% to 3.75%-7.75%. This decision came after public testimony reflecting tenants' financial struggles as incomes lag behind living costs. Although the board's vote was partially in response to this feedback, tenant and landlord groups both expressed dissatisfaction, suggesting the adjustments are insufficient. The board aims for a final vote on June 25, with one-year lease increases remaining unchanged at 1.75%-4.75%.
"Tenants in New York are really struggling right now, and I think the data is reflecting that." - Adan Soltren, tenant representative, emphasizing the need for more substantial rent reductions.
"The RGB process is intended to be based on the math," said Ann Korchak, board president, highlighting the need for rational cost assessments in rent adjustments.
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