Rent Guidelines Board Scales Back Rent Hikes In Rare Revote

The New York City Rent Guidelines Board on Tuesday revised its preliminary decision on potential rent increases for approximately one million rent-stabilized apartments. In a rare revote, the board lowered the proposed range for rent hikes on two-year leases.

The adjusted proposal now suggests an increase of 3.75% to 7.75% for two-year leases, down from the initially considered range of 4.75% to 7.75%. The proposed increases for one-year leases remain unchanged, ranging from 1.75% to 4.75%. This decision is notable as the board very rarely holds a second preliminary vote on such matters.

These proposed changes will affect roughly one million rent-stabilized apartments throughout New York City. The board is scheduled to make its final vote on these rent adjustments on June 25, 2025. If approved, the new rates will apply to leases commencing on or after October 1, 2025.

The Rent Guidelines Board is composed of nine members: two representing landlords, two representing tenants, and five public members. All members are appointed by the mayor. Mayor Eric Adams, who appointed the majority of the current board, had previously stated that the earlier proposed hike was “far too high” and urged the board to “find balance.”

The revote occurs amid a charged political and economic climate. Some major mayoral candidates, including Mamdani, Ramos, and Blake, have promised to appoint board members who would support a rent freeze. Others, such as Lander, Adrienne Adams, and Zellnor Myrie, have indicated support for a rent freeze this year but advocate for future decisions to be based on economic data.

This development follows a period where the board has approved a cumulative 9% in rent hikes over the past three years. Tenant groups had actively protested the board's earlier meeting on May 15, asserting that any increase in rent is unacceptable amidst the city's ongoing housing crisis.

The situation underscores the persistent debate in New York City: how to ensure economic sustainability for landlords while maintaining housing affordability for tenants.

Following the revote, the Real Estate Board of New York (REBNY) criticized the board's decision, arguing that it disregards crucial data and could exacerbate the housing crisis, particularly for property owners.