Rent-stabilized tenants in New York City could see their monthly housing costs rise this fall, after the city’s Rent Guidelines Board voted Wednesday in favor of proposed rent increases for one- and two-year leases.

The board approved a range of potential hikes: 1.75% to 4.75% for one-year leases and 4.75% to 7.75% for two-year leases. The final rates will be determined in a binding vote scheduled for June. If approved, the changes would apply to leases beginning on or after October 1.

The preliminary decision comes as the board weighs how to support the financial stability of building owners while protecting tenants from cost-of-living increases. Over the past three years, the board has greenlit cumulative rent hikes totaling 9%.

Mayor Eric Adams called the vote a “challenging decision,” stressing the importance of maintaining building quality without placing “unreasonable” burdens on renters. He expressed concern over the upper end of the proposed range, saying, “A 7.75% increase is far too unreasonable of a burden for tenants,” especially in the midst of a worsening affordability crisis across the city.

Landlord advocates, however, blasted the board’s proposed increases as insufficient. Kenny Burgos, CEO of the New York Apartment Association, which represents owners of roughly 400,000 rent-stabilized apartments, said the adjustments fall short of what is needed to keep buildings operational.

“Following this inadequate adjustment, we now need elected officials to step up and lower the costs they can control – like property taxes, water and sewer payments, and energy prices,” Burgos said. “If they do not take action, then thousands of rent-stabilized buildings will fail in the next year.”

(YWN World Headquarters – NYC)