Mayor Adams' Statement on Rent Guidelines Board Preliminary Vote

April 30, 2025

NEW YORK – New York City Mayor Eric Adams tonight released the following statement after the Rent Guidelines Board took a preliminary vote presenting a range for rent-stabilized lease adjustments of 1.75 percent to 4.75 percent for one-year leases and 4.75 percent to 7.75 percent for two-year leases: 

“The independent Rent Guidelines Board — which includes public members and advocates for both tenants and owners — is charged with making thoughtful, data- and testimony-driven decisions impacting rent stabilized homes. Tonight, the board made a challenging decision to approve a preliminary range for rent-stabilized lease adjustments aiming to strike a balance between protecting the quality of rent stabilized homes as costs continue to rise without overburdening tenants with infeasible rent increases. In the coming weeks before a final vote, we will take a close look at the preliminary ranges voted on by the Rent Guidelines Board, but I must be clear that an increase as much as 7.75 percent is far too unreasonable of a burden for tenants, especially as our entire city is feeling the squeeze of a 1.4 percent housing vacancy rate and a decades-long affordability crisis. New Yorkers simply cannot bear these costs. 

“We know our housing crisis requires a wider range of tools than the Rent Guidelines Board vote provides, and our administration is doing our part by making New York City the best place to raise family, which starts with having an affordable place to live. We’ve created record breaking numbers of new affordable homes in back-to-back years, fought for critical tools from Albany to help spur the development of new affordable housing, and passed the most pro-housing citywide zoning reform in the city’s history through the ‘City of Yes for Housing Opportunity’ — but we’re not stopping there. If our five neighborhood rezonings are approved, we will open the door to more than 130,000 homes being built in New York City over the next 15 years — more than the 20 years of the past two mayoral administrations combined. Our administration is the most pro-housing administration in New York City’s history, full stop, and we continue to prove it every single day by making housing more affordable.” 

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