As if we weren’t all already pinching pennies to live in New York City, it looks like we may have to soon start deciding between paying rent or eating food.
On Wednesday, June 21, the New York City Rent Guidelines Board (NYCRGB) voted to increase monthly rents on rent-stabilized apartments–and the numbers are some of the highest since 2013.
The vote wasn’t unanimous and came to a 5-4 decision, though it ultimately approved increases of 2-4% for one-year leases and 4-6% for two-year leases (one-year leases increased by 4% and two-year leases increased by 7.75% in 2013).
This is the second time the panel allowed stabilized rents to increase with Mayor Eric Adams in office.
The rent hikes apply to leases on rent-stabilized apartments issued or renewed between October 1, 2023 and September 30, 2024.
And, to absolutely no surprise whatsoever, New Yorkers aren’t happy about the rent increase. A quarter of New York City’s total population lives in rent stabilized apartments, and no other American city has a program as vast, reports The New York Times.
Consequently, many tenants, activists, and elected officials protested outside of the Rent Guidelines Board meeting.
Reng Ping Chen of the CAAAV Chinatown Tenants Union stated, “Everything, including groceries, are getting more and more expensive for tenants. COVID19 is still continuing. We see rates going up and many tenants are still without jobs. Every year the Rent Guidelines Board has raised the rent, and the rent is too high. Without income, we cannot pay the rent, and will be on the streets.”
Others took to Twitter to express their disgust, calling the decision “completely unsustainable,” and a “disgrace.”
Following the vote, Mayor Adams said he told the board to bring the increases down.
“I believed that the numbers initially reported were much too high, so I called for a better balance — and it is good the board moved lower…If rents and the other costs of living are going to go up with inflation and other economic issues, then so too must government support,” he said.
“I am deeply concerned that the proposed rent increases by the Rent Guidelines Board threaten the stability of New York City tenants, who already face immense economic pressures in an increasingly unaffordable city,” said speaker Adrienne Adams.
Considering NYC rents have already been reaching record highs, we can only imagine many people will unfortunately have to leave the city.