New York City tenants are bracing for a potential hike in rent costs as the Rent Guidelines Board has proposed increases for rent-stabilized apartments. The proposal, which is set to be voted on in the coming weeks, would see a 3.25% increase for one-year leases and a 6.25% hike for two-year leases. For many low- and middle-income New Yorkers, rent-stabilized apartments are a lifeline, offering affordable housing in a city where prices have skyrocketed in recent years. If approved, the increases would mark the third consecutive year of rent hikes for rent-stabilized tenants, raising concerns about the city's affordability crisis and the impact on vulnerable populations.
NYC Rent Guidelines Board proposes potential increases for rent-stabilized apartments CBS News
