New York City’s Rent Guidelines Board has voted to raise rent for the two million people living in rent stabilized apartments.
One-year leases will increase by 3.25%, while two-year leases will jump by 5%. It’s the largest increase in nearly a decade.
Landlords had pushed for an even bigger increase, saying they’re being asked to shoulder the burden of higher costs. Tenants complain they’re also facing higher costs and the increase could price them out of their homes.
“This system is broken, and we cannot pit landlords against tenants as winners and losers every year,” Mayor Eric Adams said in a statement.
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