New York City Rent Guidelines Board votes for increases for rent-stabilized apartments

ByEyewitness News WABC logo
Wednesday, May 1, 2024
Rent Guidelines Board votes for preliminary increases
The hike would go into effect this fall.

NEW YORK CITY (WABC) -- The New York City Rent Guidelines Board has voted on preliminary increases for rent-stabilized apartments starting in the fall.

They approved 2% to 4.5% hikes on one-year leases.

For two-year leases, the range is 4% to 6.5%.

A final vote will be held on June 17.

Increases will begin on October 1.

Mayor Eric Adams released a statement, saying he didn't think the increase was reasonable for tenants:

"Tenants are feeling the squeeze of a decades-long affordability crisis, which has been accelerated by restrictive zoning laws and inadequate tools that have made it harder and harder to build housing. Our team is taking a close look at the preliminary ranges voted on by the Rent Guidelines Board this evening and while the Board has the challenging task of striking a balance between protecting tenants from infeasible rent increases and ensuring property owners can maintain their buildings as costs continue to rise, I must be clear that a 6.5 percent increase goes far beyond what is reasonable to ask tenants to take on at this time. I know well that small property owners also face growing challenges, and I encourage them to work with the city to utilize our many preservation tools so that, together, we can work to stabilize buildings and neighborhoods, all while keeping tenants in their homes."

The Community Housing Improvement Program also called the vote an "appalling circus," in their statement.

"For the second year in a row, the RGB preliminary vote was an appalling circus that undermines the efficacy of this board and its purpose. We continue to see the same political theater play out, and every time, older rent-stabilized buildings continue to deteriorate. At what point do we say 'enough is enough' and stop the distress before low-income tenants have nowhere to live?"

Jay Martin, the executive director, went on to say that the rent adjustments should focus on older rent-stabilized buildings. They also call on the Rent Guidelines Board and elected officials to find ways to reduce the costs of operating housing.

"CHIP will continue to advocate for ways to reduce costs, including expanding vouchers, reforming the property tax system, and creating a more effective system to deal with mandatory renovations of vacant units than the Individual Apartment Improvement (IAI) program passed in the state budget," he said.

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