NYC Approves Rent Increases for Rent Stabilized Apartments

Last Tuesday, the Rent Guidelines Board voted to allow rent increases of 3.25% for single year leases and 5% for two year leases in a 5-4 decision. This represents one of the board’s largest rent hikes in its history, and the largest since 2013. With CPI inflation reaching 8.6% recently, both tenants and landlords are in worse spots than they were just a year ago, however, Eric Adams and those appointed to the Rent Guidelines Board believe that landlords should be allowed to increase the rent that they are charging due to increased operating costs for their units. They believe that preventing landlords from being able to increase rent during a time of record inflation and following over a year of eviction moratoriums could lead to many small landlords declaring bankruptcy and selling their buildings for other uses. This 3-5% increase is also much lower than that of non-rent stabilized apartments which are charging between 12-20% higher rent prices. Landlords will be able to start increasing prices in October, and it will affect roughly 1 million apartment units in NYC.

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Source: https://www.nydailynews.com/news/politics/new-york-elections-government/ny-city-panel-approves-5-increase-rent-stablizied-mayor-adams-20220622-3amg72sv5nfgnn3t2pzo7uj4hq-story.html