NYC Rent Guidelines Board Approves 2.75% Increase for Stabilized Apartments

Decision impacts over 1 million renters, faces backlash from both tenants and landlords.

Rents for one-year leases to rise by 2.75%, two-year leases by up to 5.25%.
Tenants and activists protest the decision, citing affordability crisis.
Landlords criticize the increase as insufficient to cover rising costs.
Board's decision reflects ongoing debate over balancing tenant and landlord needs.
Mayor Eric Adams' administration continues trend of annual rent hikes.