New York City’s Rent Guidelines Board on Tuesday approved of rent increases for tenants in rent-stabilized apartments.
Multiple published and broadcast reports stated that the nine-member board approved increases of up to 1.5 percent for one-year leases and up to 2.5 percent for two-year leases. The hikes will take effect on Oct. 1, and were approved by a 5-4 vote.
The vote comes on the heels of historic rent control expansions passed in the state Legislature last week.
Landlords, to no one’s surprise, had sought increases. Tenants and tenant advocates had lobbied for rollbacks, or at least rent freezes. In an emailed statement, Adriene Holder of The Legal Aid Society expressed the organization’s opposition.
“We are disappointed that the Board chose to heed the fear-mongering of landlords and place their profits over preserving affordable and stable housing for tenants across New York City,” she said. “It is the most vulnerable, low-income families that are already struggling to get by in one of the most expensive cities in the world who will bear the brunt of this rent increase.”