Statement on the Rent Guidelines Board Preliminary Vote
Last night, while state lawmakers voted on a budget that included no new tenant protections or housing affordability programs, the New York City Rent Guidelines Board (RGB) approved a maximum rent increase of between 2% and 5% on one-year leases and 4% and 7% on two-year leases. With tenants on the edge, any rent increase could push many into nonpayment, eviction, and homelessness.
The preliminary vote is the midpoint of the RGB process, which will hold at least four public meetings before taking its final vote at the end of June. These meetings help decide where in the 2-5% and 4-7% range the final rent adjustments will fall. In testimony before the board, CSS has made the case that a rent increase is not justified by the data the RGB staff has provided. To the extent the data showed landlord losses, they were from 2021, and have since been recouped by billions of dollars in rental assistance as well as diminishing vacancy and skyrocketing market-rate rents. It is paramount for tenants to continue to make their voices heard about the impact of any potential increases. Further, the Board must take a stand against unwarranted rent increases