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Mayor Adams' Statement on Rent Guidelines Board Vote

June 21, 2023

NEW YORK – New York City Mayor Eric Adams tonight released the following statement following the Rent Guidelines Board’s 5-4 vote to increase rents on rent-stabilized apartments by 3.0 percent on one-year leases and 2.75 percent and then 3.2 percent over two-year leases — approximately the same as a 4.5-percent increase on a two-year lease:

“I want to thank the members of the Rent Guidelines Board for their critically important and extremely difficult work protecting tenants from unsustainable rent increases, while also ensuring small property owners have the necessary resources to maintain their buildings and preserve high-quality, affordable homes for New Yorkers. Finding the right balance is never easy, but I believe the board has done so this year — as evidenced by affirmative votes from both tenant and public representatives.

“We also know that the real solution to the affordable housing crisis requires building more housing — that means getting New York City the tools we need to build the housing New Yorkers deserve. That is why we continue to fight for state action on affordable housing incentives, office conversions, and other key priorities. And we are using every tool in the city’s toolkit to build more housing more quickly — cutting red tape, making the largest financial commitment to affordable housing in the city’s history, and advancing a ‘City of Yes’ zoning amendment that will clear the way for new housing in every borough.”


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