New York City’s approximately 1 million rent-stabilized apartments will see rent hikes starting Tuesday.
Under increases approved by the city’s Rent Guidelines Board this summer — despite protests from tenants and activists — one-year leases signed beginning Tuesday will go up 2.75%. Rents for two-year leases will increase by up to 5.25%.
This summer, several tenants told the board the city’s affordability crisis and rising cost of living should justify a rent increase freeze — but landlords cited the same reasons to justify higher rents. Landlords, who’d been seeking a higher increase, cited increasing costs for water bills and other expenses.
A March report from the board found landlord incomes for buildings containing at least one rent-stabilized unit rose by an average of 10.4%, while operating costs rose by about 6.1%. A board review of renter finances found tenants of rent-stabilized apartments were more likey to be “rent burdened” than the overall renting population in New York City. Of those living in rent-stabilized apartments, 45.5% paid at least 30% of their income toward rent, and 27.2% paid at least half of their income toward rent.
The board previously voted to raise rents for new one-year leases by 3.25% in 2022, and 3% in 2023.
— With reporting by David Brand and Naim Ali-Pacheco