Landlords say 3% not enough to cover costs, tenant advocates say it's too much.
June 27, 2023 at 12:00 PM
4 minute read
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New York City’s Rent Guidelines Board (RGB) narrowly gave its final approval this week to rent increases that will apply to leases signed on or after Oct 1. 2023 for the city’s 1 million rent-stabilized apartments.
In a 5-4 vote at Hunter College’s Assembly Hall on June 21, the board approved a maximum rent increase of 3% on one-year leases, and a maximum rent increase of 2.75% in year one and 3.2% in year-two on two-year leases.
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Protestors and tenant advocates react to a Rent Guidelines Board ruling to allow increases on rent-stabilized apartments on Wednesday, June 21, at Hunter College in Manhattan. Photo by Andrew Denney
