NYC rent-stabilized tenants in danger of yet another increase after Rent Guidelines Board vote

New York City’s roughly 1 million rent-stabilized tenants could see their rents hiked by as much as 6.5%, according to preliminary ranges approved by the city’s Rent Guidelines Board (RGB) Tuesday night.

The nine-member panel, made up entirely of Mayor Eric Adams’ appointees, advanced in a 5-2 vote (with two abstentions) on April 30 the preliminary proposal to hike rents 2% to 4.5% for one-year leases, and 4% to 6.5% for two-year leases. The proposed increases were similar to ranges that the RGB staff presented in a report last month for how much more rental income landlords would need to maintain their rent-stabilized housing stock.