NYC Panel Votes on Rent Hikes for Millions of Rent-Stabilized Apartments

The Rent Guidelines Board, a nine-member panel in New York City, is expected to vote in favor of rent increases for nearly one million rent-stabilized apartments, which make up about 44% of all NYC rentals and are home to roughly two million people. The median rent in rent-stabilized apartments is $1,400, making them a crucial source of lower-cost housing in one of the most expensive cities in the nation. The vote is a flashpoint in the long-running dispute between renters and landlords over the cost of living, with tenants calling for a freeze and landlords saying they need more rent revenue to make up for increasing costs. The final vote will come in June.