1 million New York City rent stabilized apartments to see rate hikes
NEW YORK (WABC) -- Beginning October 1, the cost of rent is going up for a large number of New Yorkers.
One million rent-stabilized apartments will see rate hikes.
Under the increases approved by the rent guidelines board, 1 year leases are going up by 2.75 percent.
Two year leases will go up by 5.25 percent. The board voted adopted the new guidelines in June 2024. Ahead of the vote, passionate New Yorkers showed up in protest in full force, blocking the roadway and entrance to Hunter College.
At least 8 people, including a state assembly member, were arrested. At the time, Mayor Eric Adams said voters had to make a tough decision between protecting tenants and ensuring that property owners were able to afford costs.
Rent stabilized dwellings, include apartments, lofts, hotels and single room occupancies.
ALSO READ: Debate emerges over whether Eric Adams should resign as mayor of New York City
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