Rent Vote: NYC Rent Guidelines Board votes for increases for rent-stabilized apartments [Video]

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 …