The Rent Guideline Board vote, due to occur June 21, is preparing to hit rent-stabilized tenants with a dramatic increase in rent, the largest increase in nearly a decade.
The Rent Guideline Board is comprised of nine mayor-appointed members which include two landlords, two tenants and five are considered public members. This group then decides on a number of housing issues, in this case, they are deciding how high the increase on rent-stabilized buildings should be.
The preliminary vote in May saw the board vote for a range of increases in rent-stabilized buildings including an increase of 2-4% for one-year lease renewals and 4-6% for two-year renewals.
Ahead of the vote, Speaker Adrienne Adams submitted testimony to the Rent Guidelines Board, urging them to instead adopt the lowest possible proposed increases.
“Allowing substantial increases in rent at this time would endanger far too many New Yorkers who are unable to pay these proposed rent increases,” said Speaker Adams in a statement June 20. “Our residents should not be turned out of their homes as we take steps to make deeper investments in affordable housing and establish a robust, comprehensive housing strategy for our city. It is imperative that New Yorkers have the reassurance and security that they can continue to live in their homes so we can make space to discuss how to progress as a city. At the same time, we recognize that any decision by this Board must be in sync with a broader housing affordability strategy that involves all stakeholders, including homeowners and landlords.”
Housing advocates and tenants alike have expressed how the hike in rent may jeopardize the housing stability of many renters and like Speaker Adams, believe that increasing the rent in stabilized housing would harm many New Yorkers.
New York City Mayor Eric Adams also called for a decrease.
“I believed that the numbers initially reported were much too high, so I called for a better balance — and it is good the board moved lower,” the mayor said in a statement in May. Adams also stated that would continue to push for more housing vouchers for low-income tenants among other programs.”If rents and the other costs of living are going to go up with inflation and other economic issues, then so too must government support.”
To watch Tuesday’s Rent Guidelines Board vote, visit their website.