Rent Board Approves 3% Hike for Stabilized Tenants
Dozens of tenant advocates packed into Hunter College Assembly Hall to protest the Rent Guidelines Board’s final vote, June 21, 2023. | Jonathan Custodio/THE CITY By Jonathan Custodio, The City This article was originally published on Jun 21 8:59pm EDT by THE CITY NEW YORK - Landlords will be able to hike rents by 3% later this year for more than one million rent-stabilized apartments. By a 5-4 vote at the Hunter College Assembly Hall on Wednesday evening, the board approved a maximum rent increase of 3% on one-year leases, and a maximum rent increase of 2.75% in year one and 3.2% in year two on two-year leases. The allowable increases — slightly lower than last year’s — apply to leases signed on or after Oct. 1, 2023 for rent-stabilized apartments, which represent almost half of all rental units in the city. “Finding the right balance is never easy, but I believe the board has done so this year,” Mayor Eric Adams said in a statement released after the vote. “We also kn