NEW YORK – Rent in New York is one of the highest in the country, and now a proposal is to increase the rental price of rent-stabilized apartments by 15.75% for 2-year leases.
A panel appointed by Mayor Eric Adams unveiled the proposal on Thursday that would affect about one million rent-stabilized apartments. It would be the biggest rent increase in New York in decades.
At a hearing before the Rental Guidelines Board, representatives of the owners of these apartments argued that the high cost of living and inflation are the factors for asking for the increase.
Tenant advocates, however, argued that the increase would make ordinary people simply unable to live in the Big Apple.
The council will hold public hearings until June to make a final decision. Although this proposal targets rent-stabilized housing, it is unclear how it would affect non-rent-stabilized apartments.