The NYC Rent Guidelines Board (RGB) voted to approve the following rent adjustments for rent-stabilized apartments in New York City:
For one-year leases: 0% increase for the first six months of the lease and 1.5% for the remaining six months of the lease.
For two-year leases: 2.5% increase.
In response to the Board’s decision, REBNY President James Whelan released the following statement:
“We appreciate that the Rent Guidelines Board’s decision acknowledges the significant costs borne by property owners who maintain quality housing for millions of New Yorkers. However, it is clear that the Board had no good options from which to choose. This process has once again demonstrated that rent stabilization in New York City operates under a broken system that places the role of subsidizing housing wholly on the private sector, regardless of individual tenant need. We remain committed to working collaboratively with the public sector to develop and implement commonsense solutions that will ensure better outcomes for tenants and owners alike.”