NYC board votes to hike rents by 2.75% for 1 million rent-stabilized apartments
Rents for New York City’s roughly 1 million rent-stabilized apartments will increase by 2.75% starting in the fall, the city Rent Guidelines Board voted on Monday.
Both landlords and tenants have cited the city’s ongoing affordability crisis and rising cost of living as a justification for either higher rents or a freeze on increases. “This year's RGB vote pushes the city's largest segment of affordable housing, already in financial distress, closer to the edge of insolvency,” said Strasburg, whose organization has sued to dismantle rent stabilization in New York.
The compounding annual increases over three years mark a sharp contrast from board votes under Adams’ predecessor. During former Mayor Bill de Blasio’s eight years in office, the board voted three times to freeze rents and never approved an increase above 1.5%. In an emailed statement, the mayor said his office was "grateful for the board's careful consideration of the data and their decision to limit increases" after avoiding the higher end of proposed rent increases unveiled last month.
“This is the third year in a row, right in a time of crisis, that we’re seeing this Rent Guidelines Board ignores the plight of renters in favor of the real estate industry.,” said Councilmember Pierina Sanchez, chair of the housing committee.
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