The city entity that determines rent increases for New York's approximately one million stabilized apartments voted yesterday to enact a mid-year rent hike. The move was intended to be a compromise between tenants who pushed for a rent freeze and landlords who asked for steep increases to cover rising building costs.
The Rent Guidelines Board (RGB) voted 5-4 to freeze rents at current levels for the first six months of one-year leases while permitting landlords to raise the rent by 1.5% for the remaining six months. The board, whose members are appointed by the mayor, also voted to allow landlords to increase two-year leases by 2.5%. The new rules take effect on October 1st, 2021.