Decision on rent hikes in New York City is likely to be influenced by mayoral candidates
The Rent Guidelines Board was set to meet Wednesday night to decide whether to raise rents on nearly 1 million rent-stabilized apartments in New York City.
The meeting is designed to set the range of potential hikes. The board is expected to make a final decision near the end of June after four public hearings. Any increases would affect leases starting on or after Oct. 1.
The annual dance pitting tenants against landlords is taking on added significance this year because of the mayoral election.
The political hot potato of 2025
If you hope to be the next occupant of Gracie Mansion, this is a sensitive issue because tenant activists have vowed to campaign against anyone who does not support a rent freeze. They say they can't afford to pay more to live in New York City, but landlords say they can't afford to maintain their buildings.
Since Mayor Eric Adams appoints all nine members of the Rent Guidelines Board, the advantage seems to go to the landlords, something that doesn't sit well with Joanne Grell, co-chair of the Freeze The Rent Campaign.
"The way that we're going to stop them is by electing a mayor that cares about tenants and Mayor Adams is not that name," Grell said.
The board has approved rent hikes for the last four years. In 2024, it raised rents for one-year leases by 2.75% and 5.25% for two-year leases. There is added pressure because mayoral wannabes Zohran Mamdani, Zelnor Myrie, Adrienne Adams, Brad Lander, Michael Blake and Jessica Ramos have called for a rent freeze.
Mayor Adams, however, is skeptical.
"When you're not mayor, you can be so idealistic that you're not realistic. We need to figure out how to separate small property owners from the large property owners," Adams said.
Tenants vs. landlords
Grell said she intends to tell the board that stagnant salaries and the high cost of living would make it very difficult for tenants to make ends meet if rents go up.
"[If] there's a rent hike, I'm definitely gonna have to look into maybe getting a roommate, or, you know, cut back on things," Grell said. "I'll have to wear those shoes a little longer. I'll have to wear these clothes a little longer. I'll have to not get my medications."
Landlords say they're having difficulty making ends meet as well.
"A rent freeze is not going to help the quality of housing in New York City. It takes money to run housing. Escalating operating expenses, property taxes, water and sewer insurance are rising at an alarming rate, and the low legal rents are just not keeping up with that reality," said Ann Korchak, president of the Small Property Owners Association.
Kenny Burgos, with the New York Apartment Association, said those demanding a rent freeze are pandering to tenants.
"Offering them a rent freeze that will essentially set their building on a path to destruction, to me, is not being an honest broker. To me, it's not being someone who's going to actually lead the city and lead tenants who need help, and it's really just trying to get some votes," Burgos said.
Tenants were scheduled to stage a rally just after 6 p.m. in Queens, where the Rent Guidelines Board is meeting.
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