NYC board votes to hike rents by 2.75% for 1 million rent-stabilized apartments

WNYC News

Rents for New York City’s roughly 1 million rent-stabilized apartments will increase by 2.75% starting in the fall, the city Rent Guidelines Board voted on Monday. The nine-member board of housing experts voted to allow landlords to increase rents by 2.75% on new one-year leases and by up to 5.25% on two-year leases. The hikes apply to leases signed on or after Oct. 1 for rent-stabilized apartments across the five boroughs. The decision faced immediate criticism from tenants and activists, who marched along the sidewalk outside the auditorium at Manhattan’s Hunter College, where the board met to take the vote. Property owners also critiqued the decision, demanding even higher increases as some of them try to upend the city’s rent stabilization system in court. Both landlords and tenants have cited the city’s ongoing affordability crisis and rising cost of living as a justification for either higher rents or a freeze on increases. Read the full story on Gothamist.com