In a preliminary vote held on Tuesday night, the Rent Guidelines Board (RGB) proposed rent increases of 2-5 percent for rent-stabilized tenants with one-year leases and 4-7 percent for tenants with two-year leases. The deciding vote is slated for June 27; however, history indicates that the final numbers will likely be within range since the board hasn't significantly deviated from preliminary votes in over two decades.
If approved, these new rates would apply to rent-stabilized leases signed between October 1, 2023, and September 30, 2024. Notably, this proposed increase is nine points lower than a landlord-friendly proposal of a massive 16 percent hike discussed by board members last month.
The decision comes just one year after the RGB controversially approved increases of 3.25 percent and five percent respectively for one-and-two-year lease agreements. Landlords argue that such hikes are necessary to cover ballooning operating costs; however renters maintain that any increase would be "immoral" considering current economic hardships faced by many residents.
During Tuesday's meeting where the RGB voted to support hikes ranging from two-to-five-percent for single-year leases and four-to-seven-percent increases for two-year lease agreements (with a narrow margin of five-to-four), protests erupted as tenants expressed their dissatisfaction with what they deem an unjust burden placed upon them.
Tenants and advocacy groups have been calling instead for either a complete freeze or even rollback on rental prices due to ongoing struggles related to high inflation rates coupled with lingering financial instability from COVID-related job losses or income disruptions.
Despite tensions surrounding these recommendations made during Tuesday's meeting — which positions this year's potential rate adjustments similarly compared against last year’s three-point-three-percent increase granted towards single year contracts alongside five-point-zero-percent spikes applied onto biennial leasing arrangements — the final RGB vote isn't scheduled until next month, with any housing cost adjustments only taking effect during fall.
As rent-stabilized tenants and their advocates continue to push for more lenient measures that will alleviate financial burdens on struggling households, the forthcoming June 27th vote could significantly impact living conditions across various communities in need.