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.
And...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
"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.
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.
