Rent Increases Up to 7% Expected for Nearly 2 Million New Yorkers

A New York City panel is expected to vote on rent increases for nearly one million rent-stabilized apartments.
Rent increases often track inflation, which has been very high during the rebound from the worst of the pandemic.
Rent-stabilized apartments make up about 44 percent of all New York City rentals, and are home to roughly two million people.
The median rent in rent-stabilized apartments is $1,400, more than 20 percent lower than that of unregulated apartments.
The final vote to determine the rent increases is likely to take place in June.