The city that never sleeps may have a new reason for its tenants to be up at night – the municipal Rent Guidelines Board is proposing increases of 4% to 7% for two-year leases and hikes of 2% to 5% for one-year leases for the local rent-stabilized housing units.
According to a GlobeSt.com report, this would be the second consecutive year of rent increases for the city’s nearly 1 million rent-stabilized apartment units, which are home to roughly two million people. Last year, rents in stabilized units were increased by 3.25% on one-year leases and 5% on two-year leases.
The Rent Guidelines Board is expected to vote next month on the proposal, which has brought out criticism from Mayor Eric Adams.
“While we are reviewing the preliminary ranges put forward by the Rent Guidelines Board, I want to be clear that a 7% rent increase is clearly beyond what renters can afford and what I feel is appropriate this year,” said Adams. “I recognize that property owners face growing challenges maintaining their buildings and accessing financing to make repairs; at the same time, we simply cannot put tenants in a position where they can’t afford to make rent.”
If approved next month, the rent increases would start on Oct. 1 and impact tenants who renew their leases after that date.
Move tenants to a place where they can afford to pay rent
Is that simple?