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New York Post
27-05-2025
- Business
- New York Post
NYC's Rent Guidelines Board walks back hike on stabilized apartments in rare revote
The Rent Guidelines Board on Tuesday scaled back its planned hikes on nearly 1 million rent-stabilized units — in a rare reversal that landlords said will leave New York City's aging buildings in disrepair. The board's re-vote shaved down the proposed range of increases for two-year leases to 3.75% to 7.75%, down from the minimum of 4.75% that it passed last month. Rent increases for one-year leases will stay the same at a range of 1.75% to 4.75%. Ann Korchak, president of the Small Property Owners of New York, said she had pushed for at least a 6.3% increase on rent-stabilized units. 'The RGB process is intended to be based on the math,' Korchak said, calling on the city to freeze property taxes and utility costs to help landlords stay afloat. 3 Landlords who own rent stabilized buildings want the government to help them out with other costs if the minimum rent increase is not at least 6.3 percent, Korchak said. Getty Images The nine-member board, which has greenlit 9% in rent increases over the last three years, will finalize the rates June 25. Mayor Eric Adams, who appointed most of the board's current members, had called the old proposed increase 'far too high' and urged balance. 'New Yorkers are hurting. I've been very clear we need a balance,' Hizzoner said at an unrelated press conference Tuesday. 3 Raucous protestors during the last Rent Guidelines Board meeting May 15. X/Brad Lander The Legal Aid Society slammed any increase as 'reckless,' arguing that landlords are already seeing strong returns. 3 Tenants rights groups think the rent increases are still too high and want to see a full rent freeze. Helayne Seidman 'In the weeks ahead, we urge the Board to listen to tenants, hear their concerns, and recognize how reckless it would be to raise rents on poor and working-class households in these unprecedented times,' the group said in a statement. The board has two owner representatives, two tenant representatives and five public members. Any approved hikes would affect rent-stabilized leases starting on or after Oct. 1.
Yahoo
01-05-2025
- Politics
- Yahoo
Millions of New Yorkers poised for rent hikes in range of 1.75 to 7.75 percent
New York City's 2 million rent-stabilized tenants will almost certainly see their rents rise for the fifth year in a row after the panel charged with deciding rates approved hikes during a raucous preliminary vote Wednesday evening. The Rent Guidelines Board agreed to a range of 1.75% to 4.75% increases for one-year leases and 4.75% to 7.75% for two-year leases at the chaotic vote in Long Island City. Those figures will be finalized in a vote this summer. The vote comes as most Democratic candidates for mayor have expressed support for a rent freeze amid an ongoing housing crisis. The nine-person panel of mayoral appointees — two landlord reps, two tenant reps and five public ones — is tasked with weighing the interests of both sides, and decided in a 5-4 vote all but drowned out by the crowd of tenants. Last year, the board ultimately approved hikes of 2.75% for one-year leases and 5.25% for two-year leases. Approximately half of all city apartments are rent stabilized, ensuring they remain comparatively affordable. Advocates have long called for the RGB to freeze or rollback the rents as tenants struggle with the twin housing and affordability crises. 'If the rent goes up again people will suffer,' said Xie Hua Ying, a Chinatown resident and home care worker who spends 30% of her income on rent. 'This is how they try to push people like us, the working people, out of New York.' The upcoming primary was front and center for protesters, with widespread criticism of Mayor Adams and signs reading 'Want our votes? Freeze our rent.' 'We have the power to decide this election and we're going to use that power,' said Joanne Grell, co-chair of the Freeze the Rent Campaign. 'We are going to fight all the way to the ballot box.' But owner groups were also upset by the board's proposed ranges, citing the climbing costs of maintenance, insurance and property taxes. 'This RGB panel is on the same course as its predecessors of under-indexing rent increases; the preliminary range inexplicably doesn't follow the math of its own data, which indicates a starting point of 6.3% for this year's rent adjustment,' said Ann Korchak, board president of Small Property Owners of New York, a landlord group. 'The RGB must now take bold action, departing from its preliminary range and setting higher rent increases.' The housing crunch has emerged as a key issue in the crowded Democratic mayoral primary. Freezing rents has become a particularly hot topic, with more than three in four voters in support. Mayor Adams, famously a friend to the real estate industry and himself a landlord, seemingly came out against a rent freeze on Monday and emphasized the need to 'protect small property owners.' Mayoral contender Andrew Cuomo expressed similar skepticism in his housing platform. Meanwhile, left-leaning Assemblymember Zohran Mamdani has made freezing the rent central to his campaign, pledging to appoint board members sympathetic to tenants. Most other Democrats, including Comptroller Brad Lander and state Sen. Zellnor Myrie, have taken the more moderate stance of opposing rent hikes this year but not for the long term. The board's final vote will likely take place in June and any changes will take effect Oct. 1.
