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 two to five percent for one-year leases and four to seven percent for two-year leases:
“While we are reviewing the preliminary ranges put forward by the Rent Guidelines Board this evening, I want to be clear that a seven-percent rent increase is clearly beyond what renters can afford and what I feel is appropriate this year. I recognize that property owners face growing challenges maintaining their buildings and accessing financing to make repairs; at the same time, we simply cannot put tenants in a position where they can’t afford to make rent. Members of the RGB are tasked with making independent decisions based on all available data. However, I hope they will look at options below the top of these preliminary ranges to strike the right balance to keep New Yorkers in their homes while providing building owners with the resources they need to provide safe, high-quality homes.”
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