NYC Rent Guidelines Board votes to lower range for rent increase on 2-year leases
New York City's Rent Guidelines Board held a rare revote on Tuesday morning and decided to amend the proposed range by which rents could be raised for millions of city residents living in rent-stabilized apartments.
To be clear, the revote was not for the final rent increase. That final vote will be held at the end of June.
Here's what the Rent Guidelines Board decided
The nine-member board, appointed by the mayor, voted to lower the proposed range for two-year lease increases to between 3.75% and 7.75%. That's down 1% from last month's preliminary vote, which allowed a range of 4.75% to 7.75%.
"That's not enough. Tenants this year need a rent freeze. We've had unprecedented increases in landlord profit -- 12% from the previous year. Landlord profits are up, and tenant wages and tenant experiences are down," said Charlie Dulik, director of organizing at nonprofit Housing Conservation Coordinators.
Proposed one-year lease hikes remain unchanged at between 1.75% and 4.75%.
The revote followed public outcry, internal pushback and criticism from Mayor Eric Adams.
"There needs to be a balance. It can't be too high. The range they had, going to 7.75%, that is just far too unreasonable. We need to find a sweet spot, especially for small property owners, that they don't lose their properties," Adams said.
Landlords claim they can't keep up with rising costs
Manhattan landlord Isaac Rabinovitch said he owns a small, four-unit building, and that he's not a big landlord or developer. He claims he loses money every year just trying to keep up.
"The Rent Guidelines Board data clearly show owners need a 6% to 7% increase just to keep up with the rising costs from the city," Rabinovitch said. "We've seen our property tax bills go up 8% or more year over a year. The water board is currently voting on a 3.7% water increase. We're seeing Con Ed raise their rates by 11%."
Meanwhile, the New York State Tenant Bloc says the board's own report shows landlord income rose 12% last year -- the biggest jump in three decades.
The final vote on the exact increases is scheduled for June 27. Until then, public hearings will be held.
Tenants want to stay where they are, but need help to do so
Anne Perryman has been a tenant advocate for decades and serves as president of her rent-stabilized Upper West Side building's tenants association. She said she was watching Tuesday's rent guidelines board revote closely.
"These big rent increases hurt. They're killing us," affordable housing activist Anne Perryman said.
Perryman has lived in her apartment for 50 years, but says staying put is getting harder as rent climbs.
"Most of the rent-stabilized tenants at Lincoln Towers are older people. They are retired and they're living on fixed income. After my husband died, I was able to rent out a room. I want to stay here," Perryman said.
