NEW YORK (1010 WINS) -- The city’s Rent Guidelines Board on Wednesday suggested rent increases of up to 7.75% on two-year leases for rent-stabilized apartments.
The board also proposed a rent increase of up to 4.75% on one-year leases during its meeting at LaGuardia Community College in Long Island City. The vote was 5-4. The final ranges are set to be approved in late June.
The Rent Guidelines Board determines increases on the city’s roughly 1 million rent-regulated apartments each year. The board is made up of public members and advocates for both tenants and building owners.
The board’s meetings are often rowdy affairs, with tenants and their advocates making their voices heard about potential rent increases.
In a statement after the vote, Mayor Eric Adams said the board faced a "challenging decision" to balance the needs of tenants and landlords. He said his administration will "take a close look" at the proposed lease adjustments in the weeks ahead as it continues to push for more affordable housing.
"I must be clear that an increase as much as 7.75% is far too unreasonable of a burden for tenants, especially as our entire city is feeling the squeeze of a 1.4% housing vacancy rate and a decades-long affordability crisis," Adams said. "New Yorkers simply cannot bear these costs."
Landlords had sought increases as high as 8% on one-year leases and 9% on two-year leases, citing rising operating costs. Tenant advocates wanted a rent freeze, or smaller increases of 1.75% and 3.75%, citing the cost of living.
The final vote in June will impact leases that are signed on or after Oct. 1.
The first public hearing is scheduled for May 22, with more to follow in June.