Residents in New York City’s rent-stabilized apartments will soon be paying more to cover their housing costs.
Nearly one million New Yorkers live in rent-stabilized apartments. The typical monthly cost of a rent-stabilized apartment in the city is roughly $1,500, compared to roughly $2,000 for market-rate units.
The New York Times reports the city’s Rent Guidelines Board voted 5 to 4 to approve increases between 1.75% and 4.75% on one-year leases and between 4.75% and 7.75% on two-year leases. The board’s action was a preliminary vote, with final percentages slated to be approved in the next two months, with rent hikes to take effect on or after Oct. 1.
Last year, the board approved a 2.75% rent hike on one-year leases and 5.25% on two-year leases, following similar increases in the prior two years.
Rent hikes were sought by landlords who argued they were dealing with rising expenses for fuel, insurance and maintenance. However, the New York Apartment Association argued the that the proposed hikes were too small.
“Following this inadequate adjustment, we now need elected officials to step up and lower the costs they can control — like property taxes, water and sewer payments, and energy prices,” said Kenny Burgos, the association’s CEO. “If they do not take action, then thousands of rent-stabilized buildings will fail in the next year.”
Mayor Eric Adams, who is seeking re-election, praised the board for making a decision that protected “the quality of rent-stabilized homes” without “overburdening tenants with infeasible rent increases.”
