The Rent Guidelines Board approved a 3% rent increase for one-year leases and 4.5% for two-year leases. This decision displeased tenant advocates, who demanded a total rent freeze due to the existing housing affordability crisis. On the other hand, property owners, particularly smaller ones, sought larger increases to cope with rising maintenance costs. The RGB faced challenges in balancing the needs of tenants and landlords, and freezing rents would lead to building deterioration and a reduction in affordable housing options.
The RGB approved rent increases of 3% for tenants with one-year leases and 4.5% for tenants with two-year leases in a 5-4 decision.
Tenant advocates wanted an outright rent freeze, noting the historic housing affordability crisis gripping the Big Apple and leading to skyrocketing rents citywide.
We sympathize with both sides and the RGB itself, which was caught between the proverbial rock and a hard place in its vote.
The longer their burdens go unaddressed, the greater the risk of middle- and working-class flight from New York.
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