The NYC Rent Guidelines Board held a revote, reducing proposed two-year lease increases from a prior range of 4.75% to 7.75% to 3.75% to 7.75%. This decision follows significant public protests and criticism from Mayor Eric Adams, who asserted that the previous increases placed an unreasonable burden on tenants. Despite revision for two-year leases, the one-year lease proposed hikes remain unchanged. Landlords have argued for higher increases citing rising costs, while tenant advocates highlight the growing disparity between landlord profits and tenant incomes, which they believe necessitate a rent freeze.
That's not enough. Tenants this year need a rent freeze. We've had unprecedented increases in landlord profit -- 12% from the previous year. Landlord profits are up, and tenant wages and tenant experiences are down.
The Rent Guidelines Board data clearly show owners need a 6% to 7% increase just to keep up with the rising costs from the city. We've seen our property tax bills go up 8% or more year over a year.
The nine-member board voted to lower the proposed range for two-year lease increases to between 3.75% and 7.75%. That's down 1% from last month's preliminary vote.
The revote followed public outcry, internal pushback and criticism from Mayor Eric Adams, who called the previous range 'too unreasonable a burden' for tenants.
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