NEW YORK - Residents in New York City's approximately 1 million rent-stabilized apartments and lofts will have to pay more for rent if they renew their leases.
The Rent Guidelines Board on Tuesday voted 5–4 to raise rents on one-year leases by 3.25% and two-year leases by 5%, the largest increases in many years. Indeed, these percentage hikes are notably higher than the modest ones the board approved in 2021, a year into the pandemic.
Tenants, as always, have said that rents are too high and that consumer inflation has hit New Yorkers hard. The Rent Justice Coalition, a group that advocates for tenants, called the board's decision to raise rents "outrageous" and blamed Mayor Eric Adams.
"Make no mistake @NYCMayor is responsible for every tenant who will be displaced by this increase," RJC tweeted.
(FOX 5 NY File Photo)
But landlords have argued that inflation has affected them, too, with rising costs of maintenance, materials, fuel, and more. The Rent Stabilization Association, which represents building owners and managers, said the increase acknowledges "alarming trends" in the city's "aging housing stock."
"This is a step in the right direction, but as many RGB members stated this evening, it's due time for lawmakers to do more for owners & tenants," RSA tweeted.
In a statement, the mayor said the board's decision is "disappointing" and the rent increases will be a "burden to tenants at this difficult time." But Adams also sympathized with the owners of buildings.
"At the same time, small landlords are at risk of bankruptcy because of years of no increases at all, putting building owners of modest means at risk while threatening the quality of life for tenants who deserve to live in well-maintained, modern buildings," Adams said. "This system is broken, and we cannot pit landlords against tenants as winners and losers every year."
The vote applies to leases renewing between Oct. 1, 2022, and Sept. 30, 2023.