New York authorities allowed to raise the cost of renting housing with a stabilized rent: this will hit at least a million citizens

The Rent Management Board on June 21 approved a rent increase of as much as 3,25% for new one-year leases for approximately 1 million rent-stabilized New York City apartments. The reason was that landlords and tenants are facing rising inflation and a potential recession. New York Post.

At the same time, new two-year lease agreements for apartments with a stabilized rent may rise in price by 5%.

The vote comes one month after the rental board set a range of 2% to 4% rate hikes for one-year leases. And from 4% to 6% when renting for two years. Officials initially announced a potential rent increase of as much as 9% for a two-year lease. But this caused a furious rebuff from the city council.

Rent increase decision affects one in three New York apartments

This is the largest rent increase for rent-regulated apartments in New York City since at least 2013, when the council increased rent by 4% on a one-year contract and 7,75% on a two-year contract.

On the subject: Tenants in the Bronx will soon be able to buy the apartments they live in for $ 2500 apiece: how is this possible

Tenant rights advocates say the current rates are too high. And, perhaps, will force people to leave their homes, since their budgets are already burdened by inflation. At the same time, landlords say they need even more increases to cope with the price surge.