May 27, 2025
Tensions are running high in New York City after the Rent Guidelines Board (RGB) voted 5-4 this week to preliminarily approve rent hikes for the city’s nearly one million rent-stabilized apartments.
The proposed increases range from 1.75% to 4.75% for one-year leases and 4.75% to 7.75% for two-year leases, impacting leases that start after October 1, 2025.
Tenant advocates wasted no time making their anger heard. Protesters rallied outside the vote in Long Island City, demanding a full rent freeze, arguing that another hike — the fifth in a row — would make the city's affordability crisis even worse.
Inside the meeting, tenant board members pushed for smaller increases between 0% and 1.75%, but landlord representatives countered by calling for hikes as high as 8-9%, pointing to rising maintenance costs and the financial strain on aging rent-stabilized buildings.
After the meeting, tenant reps like Adán Soltren and Genesis Aquino doubled down on their opposition to any increases.
They argue that rent hikes only help landlords pad profits while pushing working-class New Yorkers closer to displacement.
On the other side, landlord groups like the Real Estate Board of New York and the Small Property Owners of New York defended the increases.
They pointed to RGB’s own data, showing that operating costs for rent-stabilized buildings jumped 6.3% over the past year.
They argue that without rent adjustments, building maintenance and property viability will continue to deteriorate — leaving tenants in worse conditions down the line.
Politics, of course, are right in the middle of all this. Several candidates in the 2025 mayoral race have come out swinging for a full rent freeze.
Critics are also slamming Mayor Eric Adams, accusing him of siding too closely with real estate interests. Adams pushed back, calling the proposed 7.75% increase “too unreasonable” but stopping short of backing a freeze.
No final decision has been made yet — that will come after four public hearings, starting May 22 in Manhattan.
But historically, the final numbers usually stay within the preliminary ranges, meaning New Yorkers should prepare for some kind of rent increase this fall.
If you're a landlord, tenant, or just someone trying to make sense of New York City's wild rental landscape, this is definitely a moment to watch. The next few months are going to be pivotal.
Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
