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<\/picture> <\/div>\nNew York City officials have decided once again to allow rent increases at rent-stabilized apartments below the rate of inflation, upsetting both tenant advocates who wanted a total rent freeze and building owners who argue their properties are being “defunded” by persistent real cuts to rent.<\/p>\n
On Wednesday, the city’s Rent Guidelines Board (RGB) ordered that annual adjustments for one-year leases starting in October 2023 on New York City’s roughly 1 million rent-stabilized apartments could rise by 3 percent and 5 percent for two-year leases.<\/p>\n
The board cited rising inflation, which was 6.1 percent in New York City, as a reason for keeping rent increases low for tenants. That level of inflation nevertheless means that real rents are falling for building owners who are also seeing their own costs rise faster than inflation.<\/p>\n
An RGB report<\/a> from earlier this year found that owners’ operating costs rose by 8.1 percent.<\/p>\n The board’s effort to split the baby on rent increases doesn’t seem to have appeased anyone.<\/p>\n Tenant advocates were furious that the board didn’t accede to their demand for a zero percent rent increase.<\/p>\n The Rent Guidelines Board just voted by 5-4 to allow rent increases for rent stabilized tenants.<\/p>\n 1 year leases: 3% This was the reaction from tenant advocates. pic.twitter.com\/DHJg9W7Vqa<\/a><\/p>\n — Annie McDonough (@Annie_McDonough) June 22, 2023<\/a><\/p>\n<\/blockquote>\n\n
2 year leases: 2.75% for the first year, 3.2% for the second year.<\/p>\n