NYC Rent Board to Vote on Rent Increases for Stabilized Apartments

The Rent Guidelines Board in New York City approved a 2.75% rent increase for one-year leases for almost one million stabilized apartments. Tenant advocates have been calling for rent freezes or reductions due to the high cost of living in the city. Some tenants fear that these increases could lead to mass evictions, while landlords argue that the increases are necessary to cover basic operating costs. The Rent Guidelines Board's decision to raise rents has been criticized for potentially worsening the housing crisis and making it difficult for tenants to afford their homes. The initial proposed rent hikes ranged from 2% to 4.5% for one-year leases and 4% to 6.5% for two-year leases, sparking concerns among tenants about the affordability of their homes.