New Yorkers will have one final opportunity Tuesday to weigh in on whether rents should increase for the city’s roughly 1 million rent-stabilized apartments.
The Rent Guidelines Board is holding its last public hearing before its annual vote on potential rent hikes for stabilized tenants. It is considering anything from a rent freeze to a 2% increase on one-year leases and up to a 4% increase on two-year leases.
What You Need To Know
The Rent Guidelines Board is holding its final public hearing Tuesday before voting on rent increases for stabilized apartments
The board is considering a range of 0% to 2% increases for one-year leases and 0% to 4% increases for two-year leases
The final vote is scheduled to take place June 25, with any changes taking effect for leases beginning Oct. 1
Tuesday’s hearing is scheduled from 5 p.m. to 8 p.m. at Symphony Space on the Upper West Side, and comes as tenant advocates and landlords continue to clash over whether rents should be frozen or increased amid rising housing costs.
Tenant advocates argue that many renters are struggling with affordability challenges and cannot survive another rent increase.
Landlords, meanwhile, have said increases are necessary to offset rising operating expenses, including insurance, maintenance and fuel costs.
Last year, the board approved rent increases of 3% for one-year leases and 4.5% for two-year leases.
The board’s final vote is scheduled for June 25.
Any approved changes would apply to rent-stabilized leases that begin on or after Oct. 1.
Members of the public who wish to testify at Tuesday’s hearing must register either online in advance or in person during the event.