Stabilized Housing Rent Rates in NYC Are Set to Rise Again

NYC Apartments

The Rent Guidelines Board in New York City has approved rent increases for millions of people living in rent-stabilized apartments. In a 5-to-4 vote, New York City’s Rent Guidelines Board voted to approve rent increases. One-year leases will rise by 2.75%, while two-year leases will rise by 5.25%. This is the third increase in two years.

Previous public meetings on the issue also faced strong opposition, leading to heated debates and disruptions. Tenant advocates had urged the board not to increase rent at all, citing already high prices. Landlords argued that they needed larger rent hikes to cover inflation, tax hikes, and other expenses. Critics of the decision fear that it will lead to eviction and homelessness for low-income New Yorkers.

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