On Tuesday night, the Rent Guidelines Board of New York City approved the largest increases in almost a decade: 5% for two-year leases and 3.3% for single-year leases.
During a raucous meeting at Cooper Union in Manhattan, the powerful panel voted 5-4 to approve the controversial plan.
“This proposal best balances the need of owners who must pay for costs that are increasing significantly as well as those of tenants who are still dealing with the lingering effects of the pandemic,” said board chairman David Reiss.
According to reports, the new order could affect more than 2 million New Yorkers.
Housing experts said the new rent rules, which take effect at the start of October, amount to the steepest hike since 2013.
Based on the new rent rules, the increases sat squarely in the middle of a range — 2% to 4% for single-year leases and 4% to 6% for two-year leases — supported by the board in a preliminary vote in early May.