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yesterday

Rent Guidelines Board cuts proposed two-year lease hikes to 3.75%-7.75% after rare revote

A rare May 27 revote prompted panel members to scale back the minimum increase, with a final decision set for June 25 before changes take effect October 1

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Overview

  • The nine-member, mayor-appointed Rent Guidelines Board held an unusual redo vote on May 27 to revisit its preliminary rent-stabilized rate hikes.
  • By a 5-3 vote with one absence, the board lowered the minimum increase for two-year leases from 4.75% to 3.75%, while leaving one-year leases at 1.75%-4.75%.
  • Board chair Doug Apple pointed to an additional evidence review as justification for the change, a rationale questioned by tenant representative Adán Soltren.
  • Several Democratic mayoral contenders have backed at least a one-year rent freeze, and Mayor Eric Adams criticized the 7.75% ceiling as excessively burdensome for tenants.
  • The board is scheduled to cast its final vote on June 25, with any approved adjustments taking effect on October 1, 2025.