The New York City Rent Guidelines Board approved rent increases ranging from 1.75% to 4.75% for one-year leases and 4.75% to 7.75% for two-year leases, impacting millions of tenants. Mayor Eric Adams acknowledged the struggle to balance tenant affordability with the quality of regulated buildings, deeming a potential 7.75% hike as unreasonable. Meanwhile, the New York Apartment Association asserted the proposed increases are insufficient and called for elected officials to mitigate costs such as property taxes and utilities to prevent failures of rent-stabilized properties. Final rates will be confirmed in June.
The cityâs Rent Guidelines Board approved rent increases between 1.75% and 4.75% for one-year leases, impacting millions of New Yorkers.
Mayor Eric Adams called the vote a 'challenging decision' but expressed concerns about a 7.75% increase being 'far too unreasonable' for tenants.
The New York Apartment Association criticized the proposed hikes, urging officials to address controllable costs like property taxes and energy prices to prevent failures of regulated buildings.
The Rent Guidelines Board will finalize the proposed hikes in a June vote, affecting leases starting on or after October 1.
#new-york-city #rent-guidelines-board #rent-hikes #housing-affordability #rent-stabilized-apartments
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