The NYC Rent Guidelines Board has voted to revise a portion of how much landlords can raise monthly payments on stabilized apartments in the metro.
The vote, while not a final ruling, proposes units with two-year leases to increase between 3.75 percent and 7.75 percent. The lower end is down one percent from the 4.75 percent, which the nine members of the group preliminarily decided on last month. Meanwhile, the proposed range of 1.75 percent to 4.75 percent remains the same for one-year leases.
Regardless, the decision on rent hikes will cause controversy. Some landlords, like Isaac Rabinovitch, who owns a four-unit building in Manhattan, argue that the high-end range that's less than eight percent isn't enough to absorb increased expenses.
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"We've seen our property tax bills go up 8% or more year over a year," he told CBS News.
"The water board is currently voting on a 3.7% water increase. We're seeing Con Ed raise their rates by 11%."
Meanwhile, NYC is known as being one of the most unaffordable cities in the world for housing. Those who spend 30 percent or more of their income on shelter are considered rent-burdened. And NYC is well above that threshold, with an astonishing 58.5 percent of renters exceeding or meeting that criteria, according to a recent report from Lu Chen and Mary Le at Moody’s.
"Tenants this year need a rent freeze," Charlie Dulik, director of organizing at nonprofit Housing Conservation Coordinators, argued, according to CBS.
"We've had unprecedented increases in landlord profit -- 12% from the previous year. Landlord profits are up, and tenant wages and tenant experiences are down."
A rent freeze, which would mean tenant payments to landlords would stay the same, is something that NYC Mayoral Democratic top contender candidate, Zohran Mamdani, is running on in his race.
A final vote by the NYC Rent Guidelines Board is scheduled for June 27.
It remains to be seen if the range will stay the same or change. But, current NYC Mayor Eric Adams, after the preliminary vote by the Board, said that a 7.75 percent increase would be "far too unreasonable a burden for tenants."
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