NYC’s Rent-Stabilized Apartment Prices to Rise at Least 3% (2)

Tenants in New York City’s roughly 1 million rent-stabilized apartments will face a fourth straight year of price hikes.

The city’s Rent Guidelines Board on Monday in a 5-4 vote approved a 3% price increase for one-year leases that renew during the year beginning Oct. 1. Prices for two-year leases will rise 4.5%.

The board’s vote comes at a politically charged moment for housing in the city, less than a week after democratic socialist candidate Zohran Mamdani took a commanding lead in the initial round of voting in New York City’s Democratic mayoral primary. He campaigned on a promise ...