Rent Guidelines Board votes in favor of rent hikes for rent-stabilized homes in NYC

If the vote is approved, renters will pay more for rent for the third year in a row.

Samantha Chaney, Daniella Rodriguez and News 12 Staff

Jun 17, 2024, 10:39 AM

Updated 27 days ago


The Rent Guidelines Board voted in favor of rent hikes for New Yorkers living in rent-stabilized apartments on Monday night.
Under the newly approved proposal from the city's Rent Guidelines Board, renters in a one-year lease will have to pay 2.75% more in rent costs. Those in a two-year lease will pay 5.25% more.
This vote has been looming over resident's heads. For months, News 12 has heard complaints at public hearings mentioning the rise of grocery costs, utility bills and other essentials. Some tenants say they simply cannot afford another increase.
"It’s affecting all New Yorkers. I’ve seen it affect people all around the city, especially in the Bronx. The area that I come from are very overwhelmed and underserved," said Bronx resident Farah Delany.
Landlords say that the cost of living isn't only impacting tenants - they are feeling the rising costs of everything as well, and a hike is necessary to afford water and sewer rates, taxes, and costs to upkeep their buildings.
"Meeting these escalated costs all require income,' said Kelly Farrell, a policy analyst for the Rent Stabilization Association. "That income needs to be adjusted every year to keep these buildings afloat."
In a statement the Rent Stabilization Association says, in part:
“It's distressing that the RGB did not follow its own data – which clearly supported the need for higher rent adjustments to offset skyrocketing property taxes and insurance premiums, and the costly renovations and upkeep required by aging rent-stabilized buildings at or approaching the century mark."
Some concerned tenants say that landlords should seek financial aid instead of reaching deeper into the pockets of tenants.
After Monday night's vote, the approved hikes will be applied to rent-stabilized leases starting on Oct. 1.

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