Mayor Adams' Statement on Rent Guidelines Board Vote

June 17, 2024

NEW YORK – New York City Mayor Eric Adams tonight released the following statement following the Rent Guidelines Board’s 5-4 vote to adjust rents on rent-stabilized apartments by 2.75 percent on one-year leases and 5.25 percent on two-year leases: 

“Our volunteer Rent Guidelines Board members are charged with a vital but challenging task: protect tenants from unfair rent increases while also protecting the future of rent stabilized homes. The data reviewed by the board this year makes clear that our city’s tenants are facing a severe housing and affordability crisis, and that the quality of our city’s rent stabilized homes is threatened by growing operating and maintenance costs for owners. Since preliminary increases were released last month, we made clear that the high end of the proposed rent increases was untenable. That is why we are grateful for the board’s careful consideration of the data and their decision to limit increases this year. As we have said from day one, the only way to ultimately lower rents is to build more housing, and we are using every tool in the our toolkit to build that housing more quickly — cutting red tape, implementing the new state tools we fought hard to attain, financing record numbers of affordable housing, and advancing the‘City of Yes for Housing Opportunity’ zoning amendment that will clear the way to build a little more housing across the city in every borough.” 

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