The Rent Guidelines Board recently adjusted its proposed rent increases for nearly one million rent-stabilized units in New York City, lowering the hikes for two-year leases to a range of 3.75% to 7.75%. This decision comes amidst calls from various stakeholders, including landlords and tenant advocacy groups, for a more balanced approach. Mayor Eric Adams emphasized the need for a balanced view considering the economic hardships faced by New Yorkers, especially vulnerable, low-income households. The board's final decision on rates will be made on June 25.
The RGB process is intended to be based on the math. It's necessary for the city to freeze property taxes and utility costs to help landlords stay afloat.
New Yorkers are hurting. I've been very clear we need a balance in setting rent increases to support both tenants and landlords during these tough times.
In the weeks ahead, we urge the Board to listen to tenants, hear their concerns, and recognize how reckless it would be to raise rents on poor and working-class households.
The proposed range of rent increases was scaled back significantly, reflecting the ongoing economic challenges faced by New Yorkers, particularly those in lower-income brackets.
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