NEW YORK (PIX11) — If you live in a rent-stabilized unit, your rent may increase soon. The Rent Guidelines Board increases for rent-stabilized apartments go into effect on Sunday.
The rent increase applies to new leases and lease renewals started on or after Oct. 1. It will impact nearly 1 million rent-stabilized apartments across New York City.
Lynn Overmyer lives in one of them. She said the rent hikes might mean she has to reconsider her living situation when her current lease is up.
“I might have to move out, which would be tragic. I love my community,” Overmyer said.
The decision to raise rent for rent-stabilized units was central to a hot debate this summer.
Ultimately, the Rent Guidelines Board approved a 3% rent increase for one-year leases. For two-year leases, rent rises 2.75% in the first year and 3.2% in the second year.
The Rent Stabilization Association represents 25,000 owners and managers of rent-stabilized units in the city. They support the increases.
“Rent is income for buildings that is desperately needed to keep up with ever-escalating costs. Whether it’s property taxes, energy costs, maintenance, or the cost of compliance from city or state government. Rent is not just a spreadsheet number. It helps maintain, primarily, older buildings,” Michael Tobman, with the Rent Stabilization Association, said.
Meanwhile, Overmyer said she probably can’t afford a non-rent stabilized unit in the city, so it’ll likely be out of the city if she does move.
“These massive companies have plenty of money. They can spread it around more equitably,” Overmyer said.
Mayor Eric Adams’ office provided the following statement to PIX11 News:
“New York City is in the midst of a housing and affordability crisis that impacts us all. This administration has worked tirelessly to help New Yorkers access housing, including by producing the most supportive homes, the most homes for extremely low-income and homeless New Yorkers, creating the second most new affordable homes, and connecting more New Yorkers to CityFHEPS vouchers on record for a single fiscal year in the city’s history. Additionally, this administration rolled out a number of tenant protections, including funding to combat discrimination, a new tenant hotline, and more in an effort to ensure New Yorkers are supported during this crisis.”City Hall spokesperson