NEW YORK (1010 WINS) — On Tuesday night, the city’s Rent Guidelines Board voted in favor of rent increases for tenants of more than one million apartments.
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In a 5-4 decision, the Rent Guidelines Board decision approved a 3.25% increase on one-year rent-stablized leases and a 5% increase on two-year leases.
“While we raised our voices and were successful in pushing the increases lower, the determination made by the Rent Guidelines Board today will unfortunately be a burden to tenants at this difficult time — and that is disappointing,” Mayor Adams said in a statement. “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.”
The decision comes after a preliminary vote last month by the board which agreed to set a range on the rent increases of between 2% and 4% for one-year leases and between 4% and 6% for two-year leases.
“This system is broken, and we cannot pit landlords against tenants as winners and losers every year,” Adams added. “That is why I have successfully fought so hard for support for working people, like childcare support and a historic earned income tax credit. It’s also why I will be fighting in Albany for additional support for tenants who are at risk of missing rent payments and landlords who are struggling to maintain and upgrade their buildings.”
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