NYC Rent Stabilization Board Discusses Rent Increase As High As 16% For Million Rent-Stabilized Apartments

A panel that regulates rent-stabilized apartments in NYC discussed rent increases of up to 15.75% on two-year leases for roughly one million rent-stabilized apartments.
The largest contributors to the increase are rising costs of operating buildings, especially fueled costs which increased 19.9%.
The board considers factors like landlord costs, renter incomes, and affordability when calculating the increases.
The final increase will likely be lower than the initial estimates, with a preliminary vote in May.
Tenant advocates argue the increases will add to already high costs of living while landlords feel the higher end of the range is justified.