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One Million Rent-Stabilized NYC Apartments Set for Biggest Increase Since 2013

  • Panel approved a 3.5% rise impacting 2 million New Yorkers
  • Mayor decries ‘burden to tenants,’ but defends landlords
NYC Residential Real Estate Looks To Rebound As Covid-19 Restrictions Loosen
Photographer: Jeenah Moon/Bloomberg

New Yorkers in more than 1 million stabilized apartments face the largest rent increase in nearly a decade after a panel approved a 3.25% hike for one-year leases and a 5% rise for two-year leases.

The Tuesday night decision by the nine-member Rent Guidelines Board of mayoral appointees reflects the political promises of Mayor Eric Adams, a landlord himself who has signaled strong support for small businesses and property owners, many of whom are facing mounting operating costs under soaring inflation.