NYC Rent Guidelines Board will hold rare re-vote to possibly lower range of rent increases

The panel that sets the rent for tenants in roughly 1 million rent-stabilized apartments is meeting next week to vote on a revised range of potential increases — possibly leading to a lower final rent hike on new 2-year leases, according to three people directly familiar with deliberations who asked not to be named in order to discuss confidential information.

New York City’s nine-member Rent Guidelines Board originally approved a preliminary increase of anywhere from 4.75% to 7.75% on new two-year leases ahead of a final vote in late-June. But the people familiar with the vote and internal board preparations said members had originally agreed to approve a number lower than 4.75%.

A spokesperson for Mayor Eric Adams — who appoints board members and has said the range was too high — confirmed Friday that the board is meeting to reconsider the preliminary vote. Adams is facing an uphill re-election campaign after years of legal troubles.

Board Chair Doug Apple did not immediately respond to a phone call seeking comment. The re-vote, scheduled for Tuesday at 10 am, was first reported by NY1.

The board is still considering an increase of 1.75% to 4.25% on 1-year leases.

Those numbers are non-binding, but the final total typically falls within the range approved at the preliminary vote.