Mayor Adams' Statement on Rent Guidelines Board Preliminary Vote

April 30, 2024

NEW YORK – New York City Mayor Eric Adams tonight released the following statement after the Rent Guidelines Board took a preliminary vote presenting a range for rent-stabilized lease adjustments of 2 percent to 4.5 percent for one-year leases and 4 percent to 6.5 percent for two-year leases:

“Tenants are feeling the squeeze of a decades-long affordability crisis, which has been accelerated by restrictive zoning laws and inadequate tools that have made it harder and harder to build housing. Our team is taking a close look at the preliminary ranges voted on by the Rent Guidelines Board this evening and while the Board has the challenging task of striking a balance between protecting tenants from infeasible rent increases and ensuring property owners can maintain their buildings as costs continue to rise, I must be clear that a 6.5 percent increase goes far beyond what is reasonable to ask tenants to take on at this time. I know well that small property owners also face growing challenges, and I encourage them to work with the city to utilize our many preservation tools so that, together, we can work to stabilize buildings and neighborhoods, all while keeping tenants in their homes.”

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