New York City’s Rent Guidelines Board (RGB) voted on Monday night to raise rents for rent-stabilized apartments, lofts, and hotels, drawing protests and criticism from tenants and landlords.
The Board approved a 2.75% increase for one-year leases and a 5.25% hike for two-year leases. The rent hikes will apply only to leases issued or renewed from October 2024 through September 2025.
The RGB’s decision is meant to balance tenants’ financial burdens and landlords’ operational costs.
“Raising rents on tenants who cannot afford it does not help landlords who are suffering, all it does is cause tenants to be evicted,” said New York City Public Advocate Jumaane Williams, expressing disappointment with the decision.
The decision marks the third year in a row that rents for stabilized apartments have been raised, following last year’s increase of up to 6% on two-year leases.
The vote sparked protests outside Hunter College, where the meeting was held, with demonstrators blocking the roadway and entrance. Police arrested about eight to 10 protesters, including a state assembly member.
“They’ve made uninhabitable living conditions consistently and increasingly despite complaints to 311, to HPD,” lamented tenant Sara Rice, criticizing landlords who fail to maintain their properties.
However, landlords argued that the increases were still too low to keep up with rising costs.
“So while we thank the RGB for its deliberations and its professionalism, these numbers are simply insufficient,” said Michael Taubman of the Rent Stabilization Association, representing landlords of about a million rent-stabilized apartments.
Mayor Eric Adams acknowledged the Board’s difficult task of balancing tenant protection and ensuring property owners can afford necessary repairs and upkeep.
“We are grateful for the board’s careful consideration of the data and their decision to limit increases this year,” Adams said.
Assemblymember Harvey Epstein highlighted the need for more tenant assistance, saying, “Section 8 lists are way too long, hundreds of thousands of people. There isn’t the rent support there for tenants. And the eviction will cost us, the taxpayers $3,000 to 4,000 a month, every month a family is in a shelter.”
