NYC rent board approved rent hikes for stabilized units

On Tuesday night, the Rent Guidelines Board voted to increase rents for roughly one million rent-stabilized apartments across the city, leaving tenants and landlords disappointed. 

The board approved a 3.25 percent increase for one-year leases and 5 percent for two-year leases. These rent adjustments, the highest since the Bloomberg era, will impact nearly 2.4 million New Yorkers. The full-year increase for rent-stabilized units will take effect on October 1, 2022. 

NYC landlords had pushed for more significant rent increases, arguing that it would help them afford building maintenance and necessary repairs. Under de Blasio’s administration, rent hikes for stabilized units never surpassed 1.5 percent for one-year leases and 2.75 percent for two-year leases, according to Gothamist.

For over a month, stabilized tenants protested against the potential rent hikes, stating that these changes are unaffordable for many New Yorkers. The Legal Aid Society called the rent increase “unconscionable” and stated that “many families will suffer as a result”. 

“The Board ignored the countless cries from tenants, the majority of whom are from communities of color, across the boroughs who are barely scraping by, disproportionately affected financially by the pandemic and paying exorbitant costs for groceries, medical care and other essential needs,” said Adriene Holder, Chief Attorney of the Civil Practice at Legal Aid.

A few weeks ago, the median rent in Manhattan reached $4,000 a month, setting a new record. Rents in Brooklyn and northwest Queens are also rising. Mayor Adams said that rent hikes will “be a burden for tenants” but “small landlords are at risk of bankruptcy” after years of small or no rent increases. 

“The determination made by the Rent Guidelines Board today will unfortunately be a burden to tenants at this difficult time — and that is disappointing,” the mayor said in a statement. “At the same time, small landlords are at risk of bankruptcy because of years of no increases at all, putting building owners of modest means at risk while threatening the quality of life for tenants who deserve to live in well-maintained, modern buildings.”

Resources:

“Rent board approves first full-year, post-Covid hike: 3.25%,” by  Suzannah Cavanaugh (The Real Deal, 2022)

“NYC Rent Guidelines Board Votes to Increase Rent 3.25% on 1-Year Leases, 5% on 2-Year,” by Romney Smith (NBC New York, 2022)

“NYC rent board approves steepest hikes since Bloomberg era,” by Catalina Gonella (Gothamist, 2022)

“'If we eat, we cannot pay rent': Tenants protest proposed rent increase at final public hearing,” by Catalina Gonella (Gothamist, 2022)

“Rents Will Rise by at Least 3.25 Percent for 2 Million New Yorkers,” by Mihir Zaveri (The New York Times, 2022)

“LAS Decries Rent Hikes for Vulnerable New Yorkers,” by Adriene Holder (The Legal Aid Society, 2022)