New York City

Rent Guidelines Board approves 2.75% hike on 1-year leases

June 18, 2024 Brooklyn Eagle Staff
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CITYWIDE — THE CITY’S RENT Guidelines Board, which each year determines how much landlords are allowed to raise rents on stabilized units, voted narrowly on Monday night to approve increases of up to 2.75% on one-year leases and 5.25% on two-year leases, reports Crain’s New York. These increases will apply in October. The move displeased both tenants, who have cited high rates of homelessness and poverty within the city, and landlord groups, who say that the allowed hikes aren’t enough to cover increased operating expenses. Activists have called for rent freezes or rollbacks after increases in previous years, while landlords had hoped for the higher hikes of up to 4.5% and 6.5% proposed by the board in April. 

At a press conference, Mayor Adams called for a “middle ground,” while Council Speaker Adrienne Adams urged the board to “limit increases” in a statement.

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