The Rental Rules Board voted Monday to approve increases for the city’s roughly one million rent-stabilized apartments, paving the way for increases starting this fall.
The nine-member panel voted in favor of 2.75% increases for one-year leases and 5.25% increases for two-year leases.
The vote came despite opposition from rent-stabilized tenants, who argue the increases will intensify the city’s housing and affordability crisis. Tenants and activists who support them marched in front of the Hunter College auditorium in Manhattan, where the board met to vote.
The approved increases will apply to rent-stabilized leases that begin on or after October 1. The board had been considering increases of 2% to 4.5% for one-year leases and 4% to 6.5% for two-year leases.
After the board’s preliminary vote in April, Mayor Eric Adams urged his members not to set increases at the upper ends of those ranges, saying a 6.5% increase would go “far beyond what is reasonable.” ask the tenants to take over at this time.
Last year, the board voted to approve 3% increases for one-year leases; 2.75% for the first year of two-year rental contracts; and 3.2% for the second year of two-year rental contracts.
However, city landlords have argued that rent increases will allow them to maintain their buildings and cover the cost of rising expenses.
Some landlords have also protested that the increases are not enough to cover increases in maintenance on the buildings they rent.
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