Rent hikes may be coming for tenants in rent-stabilized apartments

The board will now hold public hearings across NYC, including in the Bronx on June 3 at Hostos Community College.

Heather Fordham and

News 12 Staff

May 1, 2024, 2:23 AM

Updated 22 days ago

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A preliminary vote received approval from the Rent Guidelines Board that would raise the cost of rent-stabilized apartment units for the third consecutive year.
The hike would be anywhere from 2% to 4% for one-year leases and 4% to 6.5% for two-year leases.
The vote finished 5-2 in favor of the hike. Two of the board members left the stage before the vote was made in protest of the increases. Those two members were joined by hundreds of tenants calling for a rollback.
“It’s not fair that rent goes up every year,” said Bronx tenant Shaquille. “This year was 2%, next year is going to be another 4%... it’s not fair at all.”
Landlords were also not happy with the decision. The Rent Stabilization Association represents around one million NYC apartments and says landlords are facing rising costs. They say that the only way to maintain their buildings’ safely is through rent hikes.
"This is really a failure for government to understand that affordable housing in New York City, stabilizing apartment buildings in New York City need investment,” said Michael Tobman, membership and communications director or the Rent Stabilization Association.
The board will now hold public hearings across NYC, including in the Bronx on June 3 at Hostos Community College.
The final vote will be held on June 17.


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