Brooklyn residents got the chance to speak out about the price of their rent at a NYC Rent Guidelines public hearing on Wednesday night.

Many say the cost of living is too costly as it is and rent increases will only make their financial situation worse.

"People are struggling to make ends meet and the last thing we need is for the rent to go up," Jesse, of Crown Heights told News 12. "If anything, they should be decreasing the rent, that's what's wrong with New York. That's why so many people are moving out."

The board is proposing rent adjustments for rent-stabilized apartments, lofts and hotel dwelling units. The proposed increase for one-year leases is a 2-2.5% increase, and for two-year leases is 4-6.5%.

"It's getting to the point where it's going to be for the rich and the rich only," Jesse added.

Groups representing landlords say rent increases are needed to keep up with rising costs.

Following the remainder of these public hearings, the board will meet on June 17 to adopt final rent guidelines.

The expected date the hikes will take effect is Oct. 1, 2024, through Sept. 30, 2025.