NYC's Rent Guidelines Board votes to propose hikes for rent-stabilized apartments
New York City's Rent Guidelines Board voted Wednesday night to propose hikes for rent-stabilized apartments. The preliminary vote sets the stage for a potential rent hike impacting more than 2 million New Yorkers.
The motion, which passed in a 5-4 vote, proposes raising rent by 1.75-4.75% for one-year leases and 4.75-7.75% for two-year leases.
There will be four public hearings before the board holds their final vote in June.
Mayor Eric Adams responded to Wednesday's vote with a statement saying in part:
"The independent Rent Guidelines Board — which includes public members and advocates for both tenants and owners — is charged with making thoughtful, data- and testimony-driven decisions impacting rent stabilized homes. Tonight, the board made a challenging decision to approve a preliminary range for rent-stabilized lease adjustments aiming to strike a balance between protecting the quality of rent stabilized homes as costs continue to rise without overburdening tenants with infeasible rent increases. In the coming weeks before a final vote, we will take a close look at the preliminary ranges voted on by the Rent Guidelines Board, but I must be clear that an increase as much as 7.75 percent is far too unreasonable of a burden for tenants, especially as our entire city is feeling the squeeze of a 1.4 percent housing vacancy rate and a decades-long affordability crisis. New Yorkers simply cannot bear these costs."
Any increases would affect leases starting on or after Oct. 1.
Tenants, landlords both struggling with rising costs
Dozens of people gathered to protest ahead of Wednesday night's board meeting in Long Island City, calling for a rent freeze. Stabilized tenants also packed the auditorium, many saying they won't be able to afford to live in the city if their rent goes up.
"As a single parent, it's hard for me to meet the rent," said Iris Laverge, who has lived in her Bronx apartment for 20 years. "I'm gonna be realistic, I definitely cannot afford to pay no more than what I'm paying right now."
"[If] there's a rent hike, I'm definitely gonna have to look into maybe getting a roommate, or, you know, cut back on things," said Joanne Grell, co-chair of the Freeze The Rent Campaign. "I'll have to wear those shoes a little longer. I'll have to wear these clothes a little longer. I'll have to not get my medications."
Landlords say they're having difficulty making ends meet as well.
"A rent freeze is not going to help the quality of housing in New York City. It takes money to run housing. Escalating operating expenses, property taxes, water and sewer insurance are rising at an alarming rate, and the low legal rents are just not keeping up with that reality," said Ann Korchak, president of the Small Property Owners Association.
The board has approved rent hikes for the last four years. In 2024, it raised rents for one-year leases by 2.75% and 5.25% for two-year leases. Landlords say that wasn't enough.
"Sure, we'd love everything to be frozen, but our taxes are not frozen, our utilities are not frozen, our insurance is not frozen, and we have no control over those costs," Brooklyn landlord Chris Athineos said. "It all comes down to preserving and maintaining the housing for all of these people here."
The political hot potato of 2025
The annual dance pitting tenants against landlords is taking on added significance this year because of the mayoral election.
If you hope to be the next occupant of Gracie Mansion, this is a sensitive issue because tenant activists have vowed to campaign against anyone who does not support a rent freeze. They say they can't afford to pay more to live in New York City, but landlords say they can't afford to maintain their buildings.
Since the mayor appoints all nine members of the Rent Guidelines Board, the advantage seems to go to the landlords, something that doesn't sit well with Grell.
"The way that we're going to stop them is by electing a mayor that cares about tenants and Mayor Adams is not that name," Grell said.
There is added pressure because mayoral wannabes Zohran Mamdani, Zelnor Myrie, Adrienne Adams, Brad Lander, Michael Blake and Jessica Ramos have called for a rent freeze.
Kenny Burgos, with the New York Apartment Association, said those demanding a rent freeze are pandering to tenants.
"Offering them a rent freeze that will essentially set their building on a path to destruction, to me, is not being an honest broker. To me, it's not being someone who's going to actually lead the city and lead tenants who need help, and it's really just trying to get some votes," Burgos said.
Mayor Adams is also skeptical.
"When you're not mayor, you can be so idealistic that you're not realistic. We need to figure out how to separate small property owners from the large property owners," he said.
