New Yorkers in more than 1 million stabilized apartments face the largest rent increase in nearly a decade after a panel approved a 3.25% hike for one-year leases and a 5% rise for two-year leases.
The Tuesday night decision by the nine-member Rent Guidelines Board of mayoral appointees reflects the political promises of Mayor Eric Adams, a landlord himself who has signaled strong support for small businesses and property owners, many of whom are facing mounting operating costs under soaring inflation.
Under former Mayor Bill de Blasio, the board kept rates at historic lows, voting for rent freezes in four of the past eight years. While most current board members are Adams appointees, some have carried over from his predecessor.
