NYC's Rent is Going Up Again — as Board Set to Approve Rent Increase for 1 Million Apartments

NYC board set to approve rent increases for apartments.Photo by(The author)

NYC's rent-stabilized apartments likely to see another rent increase

New York City — The Rent Guidelines Board, which sets rent increases for rent-stabilized apartments, will vote tonight on the final number. The vote is scheduled for 7 p.m.

Tenant organizations from around the city plan to protest outside the meeting, at Hunter College. Tension grows as the hour of decision looms large.

Under Bill de Blasio’, the board froze rents on separate occasions. The first time, the board helped provide tenants relief, including the first year of the pandemic. This marked the first time in the board's history it took such relief measures.

Since Mayor Adams took over, however, rent increases have been approved every year.

Because high demand for low supply always results in high prices, NYC faces an enormous challenge. After all, rents remain extremely high due to very few vacant apartments at the lowest parts of the market.

In short, the board is likely set to raise rents on the city’s 1 million stabilized units, due to necessity.