The NYC Rent Guidelines Board has approved a rent increase of 3 percent for one-year leases and 4.5 percent for two-year leases, affecting more than one million apartments. This decision intensifies the affordability crisis in the city, with mayoral discussions surrounding the hikes raising tensions. Various stakeholders, from tenants to landlords, oppose the increases, citing financial strain and rising costs. City officials, including Control Brad Lander, label the hikes as unaffordable, warning that they may lead to increased homelessness and displacement for renters already struggling with living costs.
The NYC Rent Guidelines Board approved increases of 3-percent for one-year leases and 4.5-percent for two-year leases, affecting over one million apartments starting Oct. 1.
Mayor Eric Adams urged more modest increases, but tenant advocates stated that even those figures would have been too much, indicating the high stakes of housing affordability.
City Comptroller Brad Lander described the increase as "unaffordable," and there are concerns that it might worsen homelessness and displacement in the city.
Both tenant and landlord representatives on the board opposed the increase, highlighting the divide in perspectives around the affordability and profitability of rental housing.
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