On April 30, 2025, the NYC Rent Guidelines Board proposed rent increases for tenants in rent-stabilized apartments after a contentious meeting. The proposed hikes range from 1.75% to 4.75% for one-year leases and 4.75% to 7.75% for two-year leases, impacting around 1 million apartments. Mayor Eric Adams criticized the potential 7.75% increase as unreasonable, highlighting the city's low 1.4% housing vacancy rate and ongoing affordability issues. As the June primary election nears, candidates and tenant advocates are pushing for a rent freeze to alleviate financial pressure on renters.
"Tonight, the board made a challenging decision to approve a preliminary range for rent-stabilized lease adjustments aiming to strike a balance between protecting the quality of rent stabilized homes as costs continue to rise without overburdening tenants with infeasible rent increases."
"Freezing the rent would put $600 a month back in our pockets, so no one has to choose between rent and groceries."
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