New York city renters may face increased rent

The rent in New York City may just go up, again. New York City renters lined up around the block on June 15 near St. Francis College, Downtown, Brooklyn to advocate for themselves at a meeting with the Rent Guideline Board, a panel that regulates the rent-stabilized apartment market in New York.

After a three and a half percent raise on one-year leases, and a five percent increase on two-year leases in 2022, the Rent Guideline Board is looking to increase rent on rent-stabilized apartments again. And now, the board is looking for another increase of two percent to five percent for one-year leases, and four percent to seven percent for two-year leases.

However, renters find this inexcusable, but the Rent Stabilization Association, an organization that represents the landlords of rent-stabilized apartments, cites rising cost of living as the reason for the proposed rent increase. In a statement from Michael Tobaman, the association’s director of communication and membership, he said, “rent is income for buildings, which needs to meet constant increases in property taxes, water rates, energy, utility, insurance, mortgage and operational costs.”

But renters such as Natalia Marques say, “I’m sure that most working class people did not receive a seven percent raise this year. Why should landlords get a seven percent raise this year? We are all being hit with inflation. Why is it that we are feeling the brunt of it, as working class people?”

The rent increase was initially proposed to be 15.75 percent, but due to the protests of renters, it was lowered to seven percent. If this increase is passed, it is unsure how it will affect the unstabilized rental market. Median rent prices increased by 19 percent – 29 percent in the five boroughs between 2019-2023.

Members of the Rent Guidelines Board will vote on the rent increase proposal on Wednesday, June 21.