NYC Rent Guidelines Board approves rent hikes for millions in stabilized apartments

The Rent Guidelines Board in New York City has approved a 3% rent increase for one-year leases and a 2.75% increase for the first year and 3.2% for the second year for two-year leases for people living in rent-stabilized units. The increase will affect millions of renting New Yorkers. The board's decision has been met with opposition from tenant advocates who argue that the increase will push low-income New Yorkers closer to eviction and homelessness. Landlords argue that they need the increase to cover inflation, tax hikes, and insurance. The new rates will apply to leases with effective dates between Oct. 1, 2023, and Sept. 30, 2024.