Board votes on preliminary rate hikes for New York City rent-stabilized apartments
The decision disappointed both tenants and landlords
QUEENS, New York (WABC) -- People living in nearly a million rent-regulated apartments in New York City found out how high their rent could go up.
The nine-member Rent Guidelines Board has two owner representatives, two tenant representatives and five public members, and on Wednesday night, voted to approve a preliminary range of 1.75% to 4.75% rent hikes on one-year leases, and 4.75% to 7.75% on two-year leases.
The preliminary rate hikes disappointed both tenants and landlords, who expressed their frustration with the decision.
Ahead of the vote, tenants rallied outside LaGuardia Community College in Queens, where the meeting was held.
A Queens resident says her landlord is worth $60 billion.
"We definitely need a rent freeze because this landlord can definitely afford it," said Long Island City tenant Pam Reid.
Tenant groups argued for a rent freeze, saying inflation is already too high and they can't afford to pay more.
"I'm utterly disappointed and angered that the Board is about to raise rents on millions of New Yorkers for the fifth year in a row and not consider a much-needed rent freeze," said Adán Soltren, Tenant Representative Member of New York City Rent Guidelines Board. "I think that the data this year ultimately shows and justifies the need for a rent freeze."
However, landlord groups like the Small Property Owners of New York say the same data shows their expenses up 6%, and any less of an increase is disappointing.
"We know property taxes are increasing, insurance is at an alarming rate. Water and sewer, Con Ed has just asked for an 18% increase," said Ann Korchak of Small Property Owners of New York.
Korchak says she knows tenants vastly outnumber small landlords like her, but the shouting and disruption wasn't productive.
"I can't imagine those public members, who wants to come back and do that again?" she said.
Next year, the board members, who are appointed by the mayor, may not be back if there's a new mayor elected.
"We're demanding that the next mayor pledge for a rent freeze. And it won't be Adams, I got news for you. And it won't be Cuomo either," said Joanne Grell of CASA.
The other Democrats running in the primary do support a rent freeze.
One of them even stopped by Wednesday night, saying it's too bad the range didn't start at zero.
"So no matter the final decision that this board takes, they will be increasing the rent," said mayoral candidate, and New York State Assemblymember Zohran Mamdani.
Meanwhile, the current mayor offered his thoughts, calling the board's decision "challenging," aiming to "strike a balance between protecting the quality of rent stabilized homes as costs continue to rise without overburdening tenants with infeasible rent increases." But Mayor Eric Adams said that an increase as much as 7.75% is "far too unreasonable of burden for tenants."
He says his administration will take a closer look at the preliminary ranges voted on by the board Wednesday night in the coming weeks before the final vote.
The Rent Guidelines Board says it will announce its final decision on rent increases in June after a series of hearings.
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