New York City's Rent Guidelines Board (RGB) narrowly gave its final approval this week to rent increases that will apply to leases signed on or after Oct 1. 2023 for NYC's 1M rent-stabilized apartments.
In a 5-4 vote at Hunter College's Assembly Hall on Wednesday, the board approved a maximum rent increase of 3% on one-year leases, and a maximum rent increase of 2.75% in year one and 3.2% in year-two on two-year leases.
The two-year maximum extrapolates to slightly less than the 7% maximum the board said it was considering last month. In a preliminary vote last month, the board recommended rent hikes of 2% to 5% on one-year leases and 4% to 7% on two-year leases.
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