Phil Taitt has more detail on the effect these bills will have.
HARLEM, Manhattan (WABC) — Despite calls for a rent freeze, the NYC Rent Guidelines Board approved a 3% increase for one-year rent-stabilized leases, and 4.5% for two-year leases.
The rent increases would apply to leases beginning in or after October.
Affordable housing has been a top issue dominating the mayoral campaign trail this election season.
Mayor Eric Adams called for the Rent Guidelines Board to “adopt the lowest increase possible,” but did not call for a rent freeze like fellow New York City mayoral candidate and Council member Zohran Mamdani, who has made a rent freeze a central tenet of his campaign.
“Demands to ‘freeze the rent’ would exacerbate these harmful health and safety issues inside the homes of more than 1 million New Yorkers by depriving owners of the resources needed to make repairs,” Mayor Adams reacted in favor of the planned rent increase amounts.
“Even while landlord incomes have increased by 12%, this Mayor is once again placating real estate donors rather than serving the working people he once claimed to champion,” Zohran Mamdani said.
There are 1 million rent-stabilized apartments in the city, caught in the cyclical battle between tenants and landlords.
Tenants say they’re unhappy with how expensive housing has become, while property owners say they are not being given enough to keep up with inflation and the cost of maintaining and fixing their properties.
“I think it’s crazy because it’s too much. My bills are going up, but my salary is staying the same,” said Javier Miars, a rent-stabilized tenant.
“We’re underfunding and defunding housing once again, which is impacting quality of housing for everybody that lives in our buildings,” said Ann Korchak, board president of the Small Property Owners of NY.
Fitzroy Christian’s rent was $238 for a two-bedroom when he moved to the Bronx more than half a century ago. Now, the 79-year-old pays more than a thousand for his rent-stabilized unit, and he worries he can’t keep up.
“Housing is becoming more and more unaffordable,” Christian said. “Tenants need a break, a chance to catch up.”
NYC tenants “are sick and tired of the landlords and lobbyists trying to buy our city … Eric Adams is squeezing in one last rent hike for his real estate donors before tenants show him the door,” said Cea Weaver, director of the New York State Tenant Bloc.
Meanwhile, landlords argue they are not being given enough to keep up with inflation and the rising cost of maintaining and fixing their properties.
“While we are disappointed that the RGB once again adjusted rents below inflation, we appreciate that they stood up to political pressure calling for rent freezes that would accelerate the financial and physical deterioration of thousands of older rent-stabilized buildings,” said Kenny Burgos, CEO of New York Apartment Association, a landlord coalition.
Adan Soltren is a tenant voice on the board and agrees riding operating costs are real but believes there must be another way to provide affordable housing.
“The burden shouldn’t fall on 2 million tenants.” Soltren said.