The Rent Guidelines Board of New York City has proposed potential increases in rent for rent-stabilized apartments, with a 5-4 vote favoring hikes ranging from 1.75% to 4.75% for one-year leases and higher for two-year leases. A final vote is anticipated in late June following a public hearing on May 22. While tenant advocates seek a rent freeze, landlords insist raised rents are necessary to cover rising costs. Mayor Eric Adams expressed that the suggested increases are 'too unreasonable' amidst the ongoing housing crisis.
The board has tentatively voted 5-4 to raise rents 1.75 percent to 4.75 percent for one-year leases and between 4.75 percent to 7.75 percent for two-year leases.
Tenant advocates have previously called for a rent freeze instead of increasing rents. On the other hand, landlords argue increases are necessary due to rising costs.
Mayor Eric Adams in a statement said the proposed increases were 'too unreasonable' for renters. 'We know our housing crisis requires a wider range of tools than the Rent Guidelines Board vote provides,' Adams said.
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