NYC’s Rent-Stabilized Tenants Face Third Year of Price Hikes
- Board proposes raising rents as much as 4.5% on one-year lease
- Group will vote on final proposal at a meeting in June
New York City’s rent-stabilized apartment market has come under pressure in recent years.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Tenants in New York City’s 1 million rent-stabilized apartments are on track to face the third year in a row of rent increases as renters and landlords grapple with rising costs.
The city’s Rent Guidelines Board on Tuesday endorsed potential rent hikes of 2% to 4.5% for one-year leases and 4% to 6.5% for two-year leases. Price increases in those ranges are likely to be approved at a final vote in June.