New York City's Rent Guidelines Board is scheduled to vote Monday night on a series of rent increases for almost one million rent-stabilized apartments across the city.
Earlier this year, the Rent Guidelines Board voted in support of hiking rents for rent-stabilized apartments by between 2% and 4.5% on one-year leases and between 4% and 6.5% on two-year leases. Monday night's voting, which will be held at Hunter College, will set the final numbers.
Once the panel approves the rent hikes, landlords could begin raising rents in October, per NBC New York.
In 2023, the median monthly rent for a rent-stabilized unit in New York was $1,500. In comparison, unregulated apartments typically cost $2,000 monthly, according to a recent New York City Housing and Vacancy Survey.
The panel consists of nine members, including two representing tenant interests, two representing the interests of landlords, and five representing the general public.
How NYC Residents Reacted
Following the announcement of the voting schedule, the Legal Aid Society issued a statement calling for a rent freeze for all tenants living in rent-stabilized units.
"Given the current state of the New York City housing market and the crisis tenants are facing citywide, we call on the Rent Guidelines Board to freeze rents for all tenants living in stabilized units. The reports produced by the Board since March have proven that any increase on rent for this vulnerable population would not only be unnecessary, but would betray the stated purpose of the Board, which is to protect stabilized tenants from exorbitant, needless rent hikes," the statement read.
"Despite the disappointing outcome of the preliminary vote, the Board still has the opportunity to do right by the more than one million New Yorkers who reside in rent-stabilized units. Ahead of tonight's vote, we call on the Board to listen to the cries of these already-struggling tenants who could be facing imminent evictions and displacement should an increase be passed, and vote for an outright rent freeze on all stabilized units," the statement continued.
During a news conference Monday, Mayor Eric Adams also said he hoped the panel would vote on the lower end of the expected hike.
"People are hurting," he said. "We have to find a middle ground."
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