Approximately two million New Yorkers will be directly affected by a new decision by the Rent Guidelines Board to raise rents on one-year leases by 3.25 percent and by 5 percent on two-year leases in rent-stabilized homes. The higher prices will apply to leases that begin on or after October 1, 2022.
According to the New York Times, the regulations follow property owners' complaints regarding taxes and rising expenses following the COVID-19 pandemic.
"Many tenants argued for a rent freeze or rollback, while landlords were seeking even higher increases, but the panel had signaled its intent to support a middle-ground approach at a meeting last month," reports the paper.
The Rent Guidelines Board considered a variety of factors when making its decision, including the higher cost of living since the onset of the pandemic, the inflation that has affected the entire country, "landlords' ability to maintain buildings" and the shortage of affordable housing.
According to the the New York Times, "the last time there was a significant increase—4 percent on one-year leases and 7.75 percent on two-year leases—was in 2013, when Michael R. Bloomberg was mayor."
Although prices of just about anything are constantly rising, New Yorkers are obviously not happy about this latest development and they have taken to social media to share their feelings about it.
"Everything goes up except the wage," one user noted.
"In the middle of a pandemic with rising inflation and no baby formula," another wrote. "This is America."
Yet another Twitter user directly called out Mayor Eric Adams, whom, according to reports, differs from his predecessor Bill de Blasio by having asked the board to adopt low increases but also having expressed sympathy for small property owners.
As is the case with all things New York, the decision has angered plenty of city dwellers. Alas, this is the town and time we live in.