The Rent Guidelines Board has signed off on hikes of as much as 3.25% for new one-year leases for the Big Apple’s roughly 1 million rent-stabilized apartments, as landlords and tenants confront spiraling inflation and a potential recession.
New two-year leases for rent-stabilized units can jump by 5% as a result of Tuesday night’s 5-4 board vote.
The vote comes a month after the rent board set the ranges for hikes at 2 to 4 percent for one-year leases and 4 to 6 percent for two-year leases. Initially, officials had floated potentially hiking rents as much as 9 percent on two-year leases, resulting in fierce pushback from the City Council.
The mayor controls all nine appointments but has named just three members so far because they serve staggered terms. Mayor Bill de Blasio frequently touted the zero percent increases his Rent Board’s approved in 2015 and 2016.
The rents set by the board impact one in every three New York City households.
It’s the biggest rent hike for rent-regulated apartments in New York City since at least 2013, when the board signed off on a 4 percent hike for one-year leases and a 7.75 percent hike on two-year leases.
Tenant campaigners say the current ranges are still too much and will likely force people from their homes as their budgets are already burdened by inflation — while landlords say they need even larger increases to deal with soaring prices.
“While we raised our voices and were successful in pushing the increases lower, the determination made by the Rent Guidelines Board today will unfortunately be a burden to tenants at this difficult time — and that is disappointing,” Mayor Eric Adams said in a statement following the vote.
Community Housing Improvement Program, an ownership group, slammed the hike as too low.
“The data is clear. The adjustment approved by the RGB today will not put a penny of profit in the pockets of small property owners,” said Jay Martin, the group’s executive director.
“The RGB has simply taken steps to limit their losses for the next year,”