"On Wednesday, rent increases from New York City's Rent Guidelines board took effect. That means rents for the city's 1 million rent stabilized units can go up no more than 3 percent for new one-year leases, and 4.5 percent for two-year leases. Tenants, alongside mayoral hopeful Zohran Mamdani, took to the streets to protest the rent hike, which they hope will be the last for four years."
""This policy of raising the rent year after year like we've seen from this administration... that is a policy that will come to an end when I am the mayor," Mamdani said, while standing before a rent stabilized building in the Bronx at another rally Wednesday. If Mamdani wins, he's promised to freeze rent-stabilized rents for four years. The mayor appoints the Rent Guideline Board members that set allowable increases."
Rent increases for New York City's roughly 1 million rent-stabilized units took effect after the Rent Guidelines Board allowed maximum rises of 3 percent for new one-year leases and 4.5 percent for two-year leases. Tenants and mayoral candidate Zohran Mamdani rallied in the Bronx to protest the increases and called for a four-year freeze on stabilized rents if he becomes mayor. A Community Service Society analysis finds a cumulative 12.6 percent increase under Mayor Eric Adams' administration, the largest single-term rise since the Bloomberg era. Building owners say a freeze would leave many buildings with insufficient revenue.
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