The Rent Guidelines Board (RGB) of New York City met on April 30th to determine the initial rent increase range for the city’s one million rent-stabilized apartments for the upcoming year. Among them, the maximum increase for two-year lease is 6.5%.
During the meeting held at LaGuardia Community College in Queens that evening, the preliminary proposal was passed with a vote of 5 in favor, 2 against, and 2 abstentions. The proposed rent increase range for one-year leases for the next year is between 2% and 4.5%, while two-year leases can see an increase between 4% and 6.5%. The final vote by the RGB is set for June 17th to determine the actual rent increase for the upcoming year, which will take effect from October 1st this year.
Tenant advocacy groups present at the meeting booed and called out for rent reductions. Two tenant representatives of the RGB eventually left the meeting and cast abstention votes. The Community Housing Improvement Program representing landlords stated that the approved rent increase range by RGB is insufficient to reflect inflation and soaring interest rates.
Mayor Adams of New York City promptly released a statement, expressing that the 6.5% increase is far beyond what tenants can reasonably afford. However, he also emphasized that RGB must balance the interests of landlords to ensure they have enough rental income for maintenance. Adams further mentioned that although the nine RGB board members are appointed by the mayor, they operate independently, and he does not dictate their votes or attempt to influence their decisions.
This will mark the third consecutive year of rent increases for rent-stabilized apartments. During the tenure of former Mayor Bill de Blasio, rent increases were halted due to the pandemic. When Adams took office, the RGB stipulated a 3.25% increase for one-year leases two years ago and a 5% increase for two-year leases. Last year, the rent increase for one-year leases was set at 3%, while for two-year leases, it was 2.75% in the first year and 3.2% in the second year.