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New Yorkers Could Face Up to 7% Rent Increase After Oct 1st
The Rent Guidelines Board in New York City has approved a maximum rent increase of between 2% and 5% on one-year leases and 4% and 7% on two-year leases. Tenant supporters were unhappy with the decision and disrupted the board members with boos and jeers for nearly an hour at the Great Hall at Cooper Union in Manhattan.
Mayor Eric Adams said in a statement that he hoped the board “will look at options below the top of these preliminary ranges to strike the right balance to keep New Yorkers in their homes while providing building owners with the resources they need to provide safe, high-quality homes.”
Any increase would affect leases beginning on or after Oct. 1. The final decision on the increases is expected to be made in June, and historically, the preliminary vote has been an accurate predictor of the final outcome.
