NEW YORK - Millions of New Yorkers living in rent stabilized apartments will have to dish out more money.
The controversial 5-4 Rent Guidelines Board vote goes in to effect Sunday.
The New York City Rent Guidelines Board's hike will allow owners of stabilized units to increase their prices by up to 3 percent.
These regulations will be in place through Sept. 30, 2024.
Although these hikes are much lower than the 7 percent increase the board originally proposed, renters are not happy about the spike.
The annual adjustment for apartments and lofts is as follows:
- For a one-year lease starting on or after Oct. 1, 2023 through Sept. 30, 2024: 3% increase
- For a two-year lease on or after Oct. 1, 2023 through Sept. 30, 2024: 2.75% for the first year and 3.2% for the second
"They don’t care about human rights. They don’t care. They think they’re talking to dogs, trees and rubbish! They’re not concerned about us," one tenant told FOX 5 NY back in June.
Tenants, as always, have said that rents are too high and that consumer inflation has hit New Yorkers hard. Last year, the Rent Justice Coalition, a group that advocates for tenants, called the last proposal to raise rents "outrageous" and blamed Mayor Eric Adams.
According to research firm Miller Samuel and brokerage firm Douglas Elliman, the median rent was at a record high as well, at $4,400 a month.
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."