New Yorkers could face a rent increase of up to 7% on leases beginning on or after October 1st, following the Rent Guidelines Board’s approval of maximum increases between 2% and 5% for one-year leases and 4% and 7% for two-year leases. Tenant supporters expressed their discontent with the decision by disrupting board members with boos and jeers at the Great Hall at Cooper Union in Manhattan.
In response, Mayor Eric Adams released a statement expressing his hope that “the board will look at options below the top of these preliminary ranges to strike the right balance to keep New Yorkers in their homes while providing building owners with resources they need to provide safe, high-quality homes.” The final decision is expected in June; historically speaking, this preliminary vote has been an accurate predictor of what is ultimately decided.
