NYC Rent Guidelines Board Approves Hikes on Stabilized Apartments

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    NEWSLETTERS

    The more than 1 million New Yorkers who live in rent-stabilized apartments will see their rents go up again next year. 

    The New York City Rent Guidelines Board held a final vote Thursday to increase rent on stabilized apartments, and approved hikes of 4 percent for one-year leases and 7.75 percent for two-year leases.

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    The board had been considering increases of between 3.25 percent and 6.25 percent for one-year leases, and 5 percent and 9.5 percent for two-year leases.

    At the vote meeting, tenant board member Harvey Epstein said the hike would force rent-stabilized tenants to choose between paying their rent and paying for basic necessities. 

    Owner member Steven J. Schleider said: "No one on this board denies there are rent-stabilized tenants in dire need of income support. No one on this board denies that rent affordability is an issue. This is of concern to the board, but we are powerless to address it."

    Schleider's remarks drew a mix of applause and jeers as he outlined the increasing costs and fees building owners were facing and accused city officials of failing to support both landlords and tenants. 

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