Tonight, at its final public hearing, the Rent Guidelines Board voted to authorize 2.75% rent increases for one-year leases and 5.25% increases for two-year leases of rent-stabilized units. In response, Speaker Adrienne Adams issued the following statement.

“At a time when New Yorkers are struggling to afford to stay in their homes and communities, this is a rent hike that will place too many of the nearly one million rent-stabilized tenants at risk of housing instability. The impact of this decision will disproportionately affect low-income New Yorkers of color, who are already struggling to make ends meet and being pushed out of the city. This will exacerbate our city’s existing crises of rising homelessness and evictions. We should be supporting our working families who are facing increased costs of living, child care, and other stressors that are pushing them to the brink. As a city, we must take action to advance housing solutions, including deeper investments in the city budget to create more affordable homes for New Yorkers and early childhood education for families. Our communities are counting on us to stem this crisis, and we cannot fail to act.”