NYC Rent Guidelines Board approves increases on 1 & 2 year leases

New York City's Rent Guidelines Board voted Wednesday to freeze rents for rent-stabilized apartments for the first six months of a one-year lease, before increasing it by one and a half percent for the second six months. Tenants with two-year leases will see an increase of 2.5%.

The board's decision passed by a narrow 5-4 vote.

Renter associations condemned the decision, saying too many New Yorkers are struggling financially.

Owners and landlords are also unhappy with the decision, saying they wanted an even larger increase to help offset operating costs.

"Eight years of a mayor that prioritized preserving affordable housing never understood what was needed to actually preserve that housing. Tonight, the RGB again failed to ensure that the owners of the City’s aging housing stock could properly invest back into their buildings," the Rent Stabilization Association said in a tweet.