The Rent Guidelines Board cast a preliminary vote Thursday night to raise rates for the city’s approximately 1 million rent-stabilized apartments.
The board voted 0% to 2% increase on one-year leases and 0% to 4% increase on two-year leases.
A majority of the board — six of nine members — were appointed by Mayor Zohran Mamdani, who made freezing the rent a cornerstone promise of his campaign. About 2.4 million New Yorkers live in rent-stabilized units.
What You Need To Know
The Rent Guidelines Board cast a preliminary vote Thursday night to raise rates for the city’s approximately 1 million rent-stabilized apartments
A majority of the board — six of nine members — were appointed by Mayor Zohran Mamdani, who made freezing the rent a cornerstone promise of his campaign
About 2.4 million New Yorkers live in rent-stabilized units
With the preliminary vote cast, the board will hold a series of public hearings across the five boroughs before making a final decision on June 25
Many tenants rallied outside the preliminary vote in Long Island City, Queens, to demand rents for their one- and two-year leases remain steady.
Tenant advocate groups support a rent freeze, saying housing costs are already unaffordable for many New Yorkers. Landlords, however, say rent increases are necessary to keep up with the rising cost of insurance and fuel.
In a statement, Mamdani said New Yorkers “need real relief.”
“New Yorkers are being crushed by the cost of living, and they need real relief. I’m encouraged to see the Board taking seriously the data around affordability, operating expenses, and the pressures facing both tenants and small property owners as it sets this preliminary range,” the mayor wrote.
Last summer, the board voted to approve rent hikes of 3% for one-year leases and 4.5% for two-year leases.
With the preliminary vote cast, the board will hold a series of public hearings across the five boroughs before making a final decision on June 25.