Low angle view of apartment fire escape, Queens, New York. (Photo by: Lindsey Nicholson/UCG/Universal Images Group via Getty Images)
NEW YORK - Millions of New Yorkers living in rent-stabilized apartments could be forced to dish out even more money each month.
New York City's Rent Guidelines Board is considering a 2 to 4.5% on new one-year leases and a 4 to 6.5% rent hike on two-year leases.
Members of the board voted for the increase in an annual hearing Tuesday night.
Heckles and chants were heard from the audience at LaGuardia College as members presented their arguments.
"New Yorkers and low-income New Yorkers are in dire streets this board still thinks that rent increases are necessary so landlords can supposedly improve the quality of rent stabilized buildings despite their neglecting those buildingsfor decades," said tenant member Adán Soltren, an attorney.
Is it better to rent or own in NYC?
Living in the city comes at a price – and it isn't cheap. Finding rent under $2,400 is nearly impossible and average mortgage rates are around $3,460. Here's our answer.
"You wonder why some people call it the ‘Rent Increase Board," he added.
Although the vote is a preliminary step in the process, records show that the final votes usually reflect the ranges proposed beforehand, leaving residents on edge.
NYC tenants constantly struggle to keep up with the cost of living, due to inflation and congestion pricing.
Last year, they dealt with a 3% increase on 1-year leases and a nearly 3% increase on two-year leases.
Landlords, on the other hand, continue to argue that they desperately need the money to combat rising property taxes, insurance, building repairs and other hefty costs across the board.
The official vote is expected to happen in June.
Renting in New York City
Living in the city comes at a price – and it isn't cheap.
Rents across New York City have soared driving the affordability crisis to record highs.
A report by the NYC Department of Housing Preservation and Development showed that renters have less than a 1% chance of finding an apartment that costs under $2,400 a month in the city, with the city's overall vacancy rate reaching a historic low of 1.4%.
How do I know if my apartment is rent stabilized?
Rent stabilization is a form of rent regulation that helps to combat the housing crisis, according to city government.
Here's how to know if your rent is stabilized:
- According to It may be written on your lease.
- Your rent amount might not be a round number (for example, your rent might be $2176.43 instead of $2100).
- Rent stabilization is reflected in your apartment’s rent history.
Rent-stabilized apartment rights:
- There is a legal limit to how much you can be charged in rent. Your rent can only be increased by a percentage that is decided on each year by the Rent Guidelines Board. In the Spring of 2023, the Rent Guidelines Board decided on rent changes that apply to rent stabilized leases starting on or after October 1, 2023, through September 30, 2024.