The Rent Guidelines Board will hold its final vote on increases for the city’s 1 million stabilized tenants on Wednesday, June 21, potentially allowing landlords to hike rents by up to 7%.
The vote will take place at the Assembly Hall of Hunter College, on East 69th Street between Park and Lexington avenues, at 7 p.m. on Wednesday. In May, the board approved a preliminary range of increases of 2-5% for one-year leases and 4-7% for two-year leases; the final approved rates typically fall within the preliminary range, but don’t necessarily have to.
If the board votes at the high end of the range, it would represent the highest rent increase for stabilized tenants since the Bloomberg administration. And while landlords had sought even higher increases — arguing they’re needed to meet spiraling costs for building owners — tenants and advocates argue rents should be frozen, owing to rapid inflation in recent years and the already-astronomical cost of housing in New York.
