Proposed Rent Increases

During a contentious meeting, the board voted on preliminary increases that would impact one-year and two-year leases. Here are the proposed changes:

• One-year leases: Increases ranging from 1.75% to 4.25%
• Two-year leases: Increases of up to 7.75%

This marks the fifth consecutive year that the board has favored rent hikes, a trend tenant advocates argue disproportionately affects low-income residents.

Tenant Reactions

Tenant advocates expressed strong discontent during the meeting. “Displacement, communities being ripped apart by these rent increases year after year, it’s just not fair to tenants,” one advocate stated.

Many tenants voiced their concerns, emphasizing the financial strain that these hikes could impose. One tenant remarked, “Their income is up 12% and hasn’t been up 12% since the ’90s. Some people are having to go without basic needs.” Another tenant echoed, “I’m an 80-year-old woman, and I can’t do it. I’ve been injured since ’92.”

Board’s Justifications

On the other side of the debate, board members aligned with landlords defended the need for rent increases. They highlighted the rising costs associated with maintaining aging buildings, with initial proposals suggesting increases between 8% and 10% for two-year leases.

Ann Korchak, President of the Small Property Owners of New York, stated, “Much of this housing was built before 1974, and it takes a lot of money to upkeep aging buildings.” Data presented showed a 6.3% increase in operating costs for building owners this year, accounting for taxes, labor, and utilities.

Next Steps

The Rent Guidelines Board will conduct a final vote on the proposed increases this summer. If approved, these new rates would take effect in the fall, continuing a path of escalating rent for many New Yorkers.