The Rent Guidelines Board of New York City conducted a re-vote on May 27 to propose adjustments to the rent increases for two-year leases protected under the rent stabilization law. The proposal suggests a reduction of 1 percentage point in the recommended rent hike range.
The revised proposal for two-year leases now suggests an increase range of 3.75% to 7.75%, slightly lower than the previously approved range of 4.75% to 7.75% from last month. For one-year leases, the proposed increase range remains unchanged at 1.75% to 4.75%.
While this revision is crucial, it is not the final decision. Officials stated that the final vote is expected to take place at the end of June, with historical rent increases mostly falling within the proposed ranges previously set.
Tenant advocacy groups have repeatedly called for a rent freeze, arguing that the burden of rent has become a significant pressure on low-income residents. However, landlord groups believe that increasing rent is a necessary step as maintenance costs continue to rise.
New York City Mayor Eric Adams previously remarked that the proposed rent increases were “unreasonable” for tenants, emphasizing the need for a comprehensive set of policy tools to address the housing crisis. He stated, “What our housing crisis needs is not just a vote from the Rent Guidelines Board, but a series of more comprehensive policy measures.”
The proposed adjustments reflect policymakers’ efforts to seek a balance between landlords and tenants, and the final decision at the end of June will determine the future rent trends for over a million rent-stabilized tenants in New York City.