New York City officials have decided once again to allow rent increases at rent-stabilized apartments below the rate of inflation, upsetting both tenant advocates who wanted a total rent freeze and building owners who argue their properties are being "defunded" by persistent real cuts to rent.
On Wednesday, the city's Rent Guidelines Board (RGB) ordered that annual adjustments for one-year leases starting in October 2023 on New York City's roughly 1 million rent-stabilized apartments could rise by 3 percent and 5 percent for two-year leases.
