Rent Board Re-votes to Lower Proposed Hike on 2-Year Leases; Keeps 1-Year Hike Range Intact

The Rent Guidelines Board held a relatively unusual re-vote on its decision to hike the rents for NYC’s rent-stabilized units on Tuesday, May 27, in which they ended up backtracking slightly on two-year lease-hike proposals. The range on one-year leases remained unchanged.

Specifically, the RGB proposes hiking two-year leases by a range of 3.75 percent to 7.75 percent, instead of the 4.75 percent to 7.75 range that they voted on last month. One-year leases will still see proposed rent hikes of between 1.75 and 4.75 percent. The final hike will be voted on June 27, and will take effect on Oct. 1 for NYC’s almost 1 million rent-stabilized apartments, which make up roughly half of the city’s apartment stock.

Mayor Eric Adams addressed Tuesday’s vote at his weekly press avail, in which he praised both tenant and landlord advocates: “Clearly, we said the ranges that they put out, this independent board put out, was outside of the scope that we believe [in]. New Yorkers are hurting. I’ve been clear on this, and every time we do this dance each year, I’ve been extremely clear. We have to find a balance. Matter of fact, I’m getting ready to do a town hall with small property owners. You know, there needs to be a balance. It can’t be too high.”

Adams went on to call the upper limit of 7.75 percent, which is still in place, “unreasonable.” He also told a reporter that he would not be calling for a rent freeze for stabilized units, as most of his opponents in this year’s mayoral race have.

The Rent Guidelines Board comprises nine members, all of whom are appointed by the mayor. Five are deemed “public members,” two are deemed tenant members, and the remaining two are deemed property-owner members, meaning they defend the interests of realtors and landlords.

Tuesday’s vote was technically a preliminary decision, meaning that there will be opportunity for public comment before a vote is held to fully adopt the hikes on June 27. Manhattan residents can go to Symphony Space at 2537 Broadway on June 17, between 5 and 8pm, to speak in-person about their take on the rent hikes (virtual testimony will not be allowed, but the meeting will be available to stream).

Residents who want to speak at the June 27 meeting can pre-register to do (see below), according to the RGB, given the possible flood of commentary that may occur.

The Legal Aid Society, a prominent nonprofit that frequently advocates on behalf of tenants, issued a statement expressing disapproval over the Board’s decision to keep overall hikes in place: “Today’s re-vote by the Rent Guidelines Board to once again raise rent hikes on stabilized apartments deals a harsh blow to the millions of New Yorkers already struggling with the city’s soaring cost of living, inflation, economic uncertainty, and mounting financial pressures.”

Small landlords, meanwhile, claim they need a bigger hike to sustain them in a period of rising costs.

According to the Rent Guidelines Board, anyone can comment on the proposed rules via several methods:

• Website. Submit comments to the RGB through the NYC rules website, http://rules.cityofnewyork.us

.• Email. Send comments to ask@rgb.nyc.gov”

• Mail. Send via snail mail to the office of the RGB at 1 Centre St., Suite 2210, New York, NY 10007.

• Audio: Leave a voicemail comment at 929-256-5472. You can also submit prerecorded audio comments up to two minutes in length. Instructions to upload your audio file can be found on the RGB’s website, https://rentguidelinesboard.cityofnewyork.us/testimony/

• Video. Submit prerecorded video comments up to two minutes in length. Instructions to upload your video can be found on the RGB’s website, https://rentguidelinesboard.cityofnewyork.us/testimony/

• Speaking at the hearings. Anyone who wants to comment on the proposed rule at a public hearing must sign up to speak. Registration to speak at the June 27 hearing will open on June 12. You can also sign up at the June 27 public hearing from 10am to noon. Time limit is two minutes. Registration to speak has already begun for hearings on June 5, 9, 12, and 17.

Register to speak through the website, nyc.gov/rgb, or sign up to speak by calling 212-669-7480 from 9am to 5pm, Monday through Friday. One can also sign up at the actual public hearings, from 5pm to 8pm on June 5, 9, 12, or 17.