Final vote on rent hike for NYC rent-stabilized apartments: What to know
NEW YORK (PIX11) – The final vote on potential rent hikes for millions living in New York City's rent-stabilized apartments will be held Monday night.
The Rent Guidelines Board could vote to increase rent as much as 4.5% for a one-year lease and 6.5% for a two-year lease. The rent was increased by 3% just last year.
Tenants, at a rally last month, said they couldn't take another rent hike during the city's housing crisis. Some building owners argued that with inflation, they're not turning a profit and need the money to keep the buildings going.
"A rent increase for me will mean an extra $115 in rent, my salary has not gotten up $115 a month," said Joanne Grell, a tenant.
But, the Rent Stabilization Association said the increases are needed to maintain safe and livable conditions for New Yorkers.
"Rent-stabilized buildings – we're talking about many of these that are approaching 100 years old. Some of these are older than that. Maintenance, upkeep, meeting operation costs – all rely on income. The rent guidelines board provides the income to keep these buildings going," said Kelly Farrell.
If the rent hike goes into effect, it will start in October. Monday's vote happens at a public hearing at Hunter College and will also be streamed online.
The Metropolitan Housing Council is planning to protest outside the meeting against the rent hike.
Erin Pflaumer is a digital content producer from Long Island who has covered both local and national news since 2018. She joined PIX11 in 2023. See more of her work here.