NEW YORK - New York City's Rent Guidelines Board faced emotional pleas from low-income tenants on Monday evening, ahead of the expected rent increases for around one million rent-stabilized apartments in the five boroughs.
The Board is holding public hearings across the city this month for tenants and others to voice their concerns.
While the amount of the rent increase is currently unknown, tenants say any amount will result in them being pushed out of their homes.
"At a time of immense inequality, pushing forward with higher rent would be unconscionable," one tenant said.
During a preliminary vote last month, the Rent Guidelines Board considered raising rents between 2% and 5% for one-year leases, and between 4% and 7% for two-year leases. These potential increases would affect approximately one million rent-stabilized apartments, impacting around two million tenants across the city.
The city's landlords argue that they need additional funds to address rising property taxes, insurance costs, and building repairs. Landlords will be addressing the Board at the next public hearing next week.