The board is looking at increases of 2.7% to 4.5% on one-year leases, and 4.3% to a whopping 9% on two-year leases, with the final vote expected in June.
After two years of rents either frozen or increases kept unusually low due to the COVID-19 pandemic, along with eight years of mostly modest increases during the de Blasio administration, the board is looking at yearly increases that are the highest in decades.
Ahead of the vote, the Legal Aid Society is calling for a freeze on all rent increases. "Over one million people reside in a rent-stabilized dwelling, including many of our clients who are low-income and predominantly from Black and Latinx communities, and any increase that would siphon away money for groceries, medical care or other essentials to pad landlords' pockets is both unconscionable and immoral," Adriene Holder, Attorney-In-Charge of the Civil Practice, said in a statement.
Last year, the Rent Guidelines Board approved making one-year leases 0% for the first six months and then increase 1.5% for the second six months, with two-year leases increasing by 2.5%. It was a reversal of the previous year's vote for a 0% increase for 1-year leases and a 1% increase for the second year of two-year leases.
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