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NYC Rent Board proposes new hikes for stabilized apartments

By and
Published  April 30, 2025 11:09pm EDT
New York City
FOX 5 NY
NYC Rent Board proposes hike up to 7.75 percent

NYC Rent Board proposes hike up to 7.75 percent

Tensions flared at the latest Rent Guidelines Board meeting as members voted in favor of preliminary rent hikes on New York City's nearly one million rent-stabilized apartments. The board approved a potential increase of 1.75% to 4.25% for one-year leases and up to 7.75% for two-year leases, drawing fierce criticism from tenant advocates.

The Brief

    • The Rent Guidelines Board voted in favor of preliminary rent hikes of up to 4.25% for one-year leases and up to 7.75% for two-year leases on NYC’s rent-stabilized apartments.
    • Tenant advocates condemned the proposal, warning it will worsen displacement and financial hardship for low-income renters.
    • Landlord-aligned board members cited rising building maintenance costs and an increase in operating expenses as justification for the hikes, with a final vote expected this summer.

NEW YORK - The New York City Rent Guidelines Board voted in favor of preliminary rent increases for New York City’s nearly one million rent-stabilized apartments Wednesday night, despite another year of vocal opposition from tenants. 

The proposal allows for increases of up to 4.25% on one-year leases and up to 7.75% on two-year leases.

What we know:

At a heated meeting, the Rent Guidelines Board voted in favor of raising rent on stabilized apartments across the city. The proposed increases would range from 1.75% to 4.25% for one-year leases, and from 4.75% to 7.75% for two-year leases.

The vote marks the fifth consecutive year that the board has sided with rent hikes, a trend that tenant advocates say disproportionately impacts low-income renters.

"Displacement, communities being ripped apart by these rent increases year after year, and it’s just not fair to tenants," one advocate said during public comments.

The other side:

Board members aligned with landlords initially proposed increases between 8% and 10% for two-year leases, citing the rising cost of maintaining aging buildings.

"Much of this housing was built before 1974, and it takes a lot of money to upkeep aging buildings," said Ann Korchak, Board President of the Small Property Owners of New York. "Small property owners in particular do not have access to institutional capital."

Data presented at the meeting showed that operating costs for building owners rose by 6.3% this year. The increase includes expenses related to taxes, labor, utilities, and other building-related costs.

"There are buildings, especially in the Bronx and parts of Upper Manhattan, that are greatly distressed," Korchak said. "They’re unable to meet their operating expenses. They can’t keep up with their property taxes. The water and sewer bills are rising."

What they're saying:

Many tenants pushed back on the justification for the rent hikes, arguing that landlords are not financially suffering.

"Their income is up 12% and hasn’t been up 12% since the ’90s," one tenant said. "Some people are having to go without basic needs. In my building in particular, my upstairs neighbor told me the other day that she can’t cut back on anything else, and she’s going to have to leave."

"I’m an 80-year-old woman, and I can’t do it. I’ve been injured since ’92," said another.

What's next:

The Rent Guidelines Board will issue a final vote on the proposed increases this summer. If approved, the new rates will take effect later in the fall.

New York CityHousing