Rent Guidelines Board approves increases for 1 million rent-stabilized apartments

Last evening, the city Rent Guidelines Board voted that rents for NYC's approximately 1 million rent-stabilized apartments will rise by 2.75% this fall. 

In a decision that has sparked controversy, the nine-member board, composed of mayoral appointees, approved a 2.75% rent increase for new one-year leases and up to a 5.25% increase for two-year leases, by a 5-4 count. These changes will take effect for leases signed on or after Oct. 1, per Gothamist. 

The board was reportedly considering 2% to 4.5% hikes for one-year leases and 4% to 6.5% for two-year leases. This was the third straight year for rent increases. 

Neither side was pleased with the outcome.

Indeed, the Board has once again proven itself to be a rubber stamp for hikes, continuing to line the pockets of landlords while deepening the suffering New Yorkers are experiencing amid a historic housing crisis.

— The Legal Aid Society (@LegalAidNYC) June 18, 2024

And... 

"Rent is income that buildings need to meet escalating costs, and we are hoping for an upward adjustment that recognizes the need to maintain buildings that are at and approaching 100 years old," Michael Tobman of the Rent Stabilization Association told The City. 

Politico noted that the vote "is fueling Mayor Eric Adams' political opponents."

The decision marks the lowest one-year increase approved under Adams, who frequently sympathizes with small landlords. Adams is up for reelection next year, and voters’ concerns over housing costs loom as a political liability. 

The increases under Adams, who assumed the mayoralty in 2022, stand in contrast to those approved under his predecessor, Bill de Blasio, who celebrated three years of rent freezes and never oversaw spikes above 1.5 percent in a given year.

According to reports, 11 tenant protesters were arrested outside Hunter College, where the vote occurred. 

Every major media outlet covered the vote... including ABC 7 ... NY1 ... NBC 4 ... and CBS 2.

Here are the rent increases for rent-stabilized apartment dwellers

[Image via 1010 WINS]

The nine-member Rent Guidelines Board voted last night on rent increases for residents living in the city's more than 1 million rent-stabilized apartments

This is what the board ultimately decided on at the Great Hall at Cooper Union, based on various published reports:

• For a one-year lease, tenants can expect a 1.5 percent hike.

• For a two-year lease, tenants can expect a 2.5 percent jump.

This year’s increases are identical to those approved last year.

The changes will go into effect on Oct. 1.

The Times had some background on the decades-old tradition:

The new increases are modest given the history of the board, which was formed 50 years ago.

The board allowed rent increases of up to 14 percent for certain two-year leases in 1980. Under the Bloomberg administration, yearly rent increases for one-year leases hovered at about 3.25 percent on average.

But rent caps have been considerably lower under Mayor Bill de Blasio.

During his first mayoral campaign, he pledged a temporary freeze on regulated rents, in order, he said, to protect low-income tenants from a roaring real estate market. A majority of rent-stabilized tenants pay more than 30 percent of their income in rent.

In 2015, the board approved a rent freeze on one-year leases for the first time in its history. It did so again in 2016, but the board approved modest increases in 2017.

This year, the board considered rent increases as high as 6.75 percent, rent decreases and another rent freeze, which tenant groups supported.

Report: RGB gives nod to rent increase; final vote coming June 25

[Image last night via @StabilizingNYC]

In a preliminary vote (5-4) last night, the Rent Guidelines Board (RGB!) recommended a .5 to 2.75 percent increase for one-year leases and a 1.5 to 3.75 percent hike for two-year leases in rent-stabilized apartments, according to published reports.

As The Real Deal reported, the board rejected two proposals:

The landlord representatives on the board — Patti Stone, an attorney with Rosenberg & Estis, and Scott Walsh, a Forest City alum — voted against both winning proposals, having pushed for increases ... of 3.75 percent to 5.75 percent for one-year apartment leases and 4.75 to 6.75 percent for two-year leases.

And...

The board also voted down a proposal from tenant representatives, which included a rent rollback ranging from .5 (which is a decrease) to 0 percent on one-year leases and a 0 to 1 percent increase on two-year leases.

Last year, the board approved increases of 1.5 percent (one-year leases) and 2.5 percent (two-year leases).

The board's preliminary vote took place inside "a packed and contentious" Great Hall at Cooper Union.

The final RGB vote is set for June 25, but not before a series of public hearings (list here). Increases in rent would take hold in October.

Meanwhile, expect more rent drama in the weeks ahead. As City Limits reported yesterday:

New York is on the verge of big changes to its rent regulations, with the state legislature likely to vote on reforms before the June 15 sunset date for the current rent law. One topic of profound disagreement between tenant advocates and property owners is preferential rents.

Read more about the State's expiring rent laws over at Gothamist and Curbed.

[Updated] Final vote tonight for the Rent Guidelines Board

After multiple public meetings, the Rent Guidelines Board (RGB) makes its final vote tonight at Cooper Union on adjustments for the city’s 1 million rent-stabilized apartments for the coming year. (The public meeting starts at 7 in the Great Hall at 7 E. Seventh St.)

Curbed has an explainer with background and what residents might expect this evening.

As The Wall Street Journal reported today, the board’s five public members signed off on a resolution that would put a range of increases – from 0.75 percent to 2.75 percent – on the table for one-year leases and allow owners to add another 1 percent for two-year leases.

In June 2017, the RGB voted to allow rent increases, with one-year leases subject to 1.25 percent raises, and two-year leases subject to 2 percent hikes — this after two consecutive years of rent freezes.

Updated 6/27

According to published reports, the RGB approved increases of 1.5 percent on one-year leases and 2.5 percent on two-year leases starting on Oct. 1.

[Updated] Preliminary vote on increases for rent-stabilized apartments set for tonight at Cooper Union

The city's Rent Guidelines Board (RGB) is holding its preliminary vote tonight to decide whether to seek increases for 1-million rent-controlled units in the city.

Members of the Rent Justice Coalition — including tenants, advocates and community organizers — as well as some elected officials will rally in front of the Municipal Building before heading to where the vote will take place — the Great Hall at Cooper Union.

The group will demand that the RGB freeze rents on rent-stabilized units to address the affordable housing crisis in the city. The Coalition released this statement yesterday:

While the Rent Justice Coalition counts past rent freezes as successes, data show landlords have been overcompensated for decades with high rent increases, including an 8.5 percent increase at the height of the recession in 2009. In fact, rent-stabilized tenants are rent burdened, with half of them paying about a third of their income for rent. At the same time, many low-income families pay as much as 60-70 percent of their income in rent.

A new report (PDF here) released by the RGB — showing that operating costs for landlords have gone up again this year — makes it seem unlikely that they will approve a rent freeze this year, per Curbed on April 18.

Last June, the RGB voted to allow rent increases on the city’s 1 million rent-stabilized apartments, with one-year leases subject to 1.25 percent raises, and two-year leases subject to 2 percent hikes — this after two consecutive years of rent freezes.

The RGB's final vote is June 26 at Cooper Union. Find the schedule, including all public hearings, right here.

Updated 10 a.m.

Per the Post:

The Rent Stabilization Association, which represents 25,000 landlords, says it will request an increase of 4 percent for new one-year leases and 7 percent for two years.

Previously on EV Grieve:
Rent freeze fight underway for 2018

Rent freeze fight underway for 2018

[Image yesterday via]

Members of the Rent Justice Coalition along with several elected officials held a rally downtown yesterday outside the Rent Guidelines Board’s first meeting of the year.

The Coaltion was out to demand that the RGB freeze rents for tenants in rent-stabilized apartments. In addition, the group wants to ensure that tenants have a voice at the RGB's upcoming hearings across the city.

Last June, the RGB voted to allow rent increases on the city’s 1 million rent-stabilized apartments, with one-year leases subject to 1.25 percent raises, and two-year leases subject to 2 percent hikes — this after two consecutive years of rent freezes.

Per a release from the Coalition:

While the coalition counts past rent freezes as successes, data show landlords have been overcompensated for decades with high rent increases, including an 8.5 percent increase at the height of the recession in 2009. In fact, rent stabilized tenants are rent burdened, with half of them paying about a third of their income for rent. At the same time, many low-income families pay as much as 60-70 percent of their income in rent.

While tenants face rising cost, landlords are making more money and paying less for expenses. Property resale prices are up; rent revenue is up; and foreclosures are low. The Rent Justice Coalition is demanding another from the Rent Guidelines Board to allow rent-stabilized tenants to keep their homes.

Here are quotes from local-elected officials:

Council Member Margaret S. Chin: "While our city has made progress in the movement for affordability, we need to keep the protections currently in place that provide relief to millions of rent-stabilized tenants across New York City. At the Rent Guidelines Board public meeting, tenants and rent justice advocates will make their voices heard on the importance of not only a rent freeze, but a rent rollback, and I urge the Board to make sure their feedback is taken into account at every step of the process."

Council Member and Progressive Caucus Member Carlina Rivera: "After a difficult rent increase in 2017, we must fight to make this the year of the rent freeze for our rent-stabilized residents.I continue to hear from people across my district that any increase could put them seconds away from losing their homes. Many of the rent-regulated tenants in my district have lived here for decades. To see them forced out by unnecessary rent increases would destroy the heart of our neighborhood identity."

The next RGB meeting is April 5. Their preliminary vote is April 26 at Cooper Union. Find the full upcoming schedule here.

Report: Rent Guidelines Board approve increases between 1.25 and 2 percent

The Rent Guidelines Board approved rent increases last night for residents living in the city’s 1 million rent-stabilized apartments.

The approved increases are 1.25 percent on 1-year leases and 2 percent on two-year agreements ... this after ratifying rent freezes the previous two years.

Back in April, the RGB voted to recommend a 1 to 3 percent increase on 1-year leases, and a 2 to 4 percent increase on 2-year leases.

Per Curbed today:

The final vote erred on the more conservative side of those recommendations, but for both sides — tenants and landlords/owners — that may still be unsatisfactory. Tenants’ rights groups, who showed up to the meeting in droves, wanted a third consecutive freeze; landlords, meanwhile, wanted bigger hikes to offset the costs allegedly incurred as a result of the last two years of freezes.

According to the Post:

Tenants who packed a Baruch College auditorium for the board hearing Tuesday night delayed its 7 p.m. start for more than an hour, chanting “How low can you go?” and dancing the limbo in front of the stage.

The band is keeping us in good spirits as we ask Rent Guidelines Board "how low can you go?!" pic.twitter.com/ILBYimLSLP

— Carlina Rivera (@CarlinaRivera) June 27, 2017

[Updated] Preliminary vote tonight at Cooper Union for rent-stabilized apartments

Last week, reps for the Rent Stabilization Association proposed increases of up to 8 percent for the city’s rent-stabilized apartments during a public hearing. (The calls were for a rent hike of 4 percent for new one-year leases and 8 percent for two years, per the Post.)

The Rent Guidelines Board (RGB) froze rents for one-year leases the past two years.

Tonight, the RGB will take a preliminary vote on the new rates in the Great Hall at Cooper Union at 7. There will be five public hearings before the final vote on June 27.

Expect some debate. Via this Facebook invite:

The Rent Justice Coalition is bringing Tenants from across the City together to make our voices heard! RENTS ARE STILL TOO HIGH and RGB must change that!!! RGB will VOTE on Preliminary Rent Adjustments for 2017-19.
Rally at 6pm
Doors open at 6:30pm

The RGB does not set the rent increase for vacancy leases, rent-controlled apartments, unregulated apartments or subsidized housing.

Updated:

The RGB voted to recommend a 1 to 3 percent increase on 1-year leases, and a 2 to 4 percent increase on 2-year leases, according to ABC-7.

Report: Rent freeze on 1-year leases for rent-controlled apartments

[Photo by Peter Brownscombe]

The Rent Guidelines Board voted tonight at Cooper Union for a freeze on one-year leases for rent-stabilized apartments, "an unprecedented move in its 46-year history," The New York Times reports. The board voted for a 2 percent increase for two-year leases.

Updated 9:16 p.m.

The city released this information following tonight's vote...

For the 1.2 million New Yorkers who live in a rent-stabilized unit, this is what tonight's vote means for you:

• If you sign a one-year renewal on your lease between 10/1/2015 and 9/30/2016, your rent should not increase.
• If you sign a two-year renewal on your lease between 10/1/2015 and 9/30/2016, your rent should increase 2%.
• If you are facing any sort of harassment from your landlord, call 311 immediately and report it.

Updated 6-30 with a few photos via EVG reader Peter Brownscombe…

Updated: Rent freeze rally tonight

[Photo via our friends at MoRUS]

Tenants once again plead with the Rent Guidelines Board to approve a first-ever rent freeze (Daily News)

Can a rent freeze beat back New York's predatory Wall Street landlords? (Moyers & Company)

Updated
"In a surprising act of independence, the board voted 5-4 to raise rents on nearly 1 million rent-stabilized apartments by 1 percent for new one-year leases and 2.75 percent for two-year leases." (New York Post)

Rent freeze?

"For the first time in its 46-year history, the Rent Guidelines Board may enact a rent freeze for stabilized apartments." (Curbed, The Daily News)

Rents going up, duh

The Rent Guidelines Board met at Cooper Union last night to vote on increases for rent-stabilized apartments in NYC.

And? Could have been worse!

Per Curbed, which has a nice summation of the evening:

The RGB voted 5 to 4 to approve an increase of 2 percent or $20, whichever is greater, on one-year leases, and a 4 percent or $40 increase on two-year leases. The owner members had wanted 5 percent and 9 percent, while the tenant members wanted a complete freeze.