NEW YORK CITY (PIX11) -- Beginning Wednesday, leases for rent-stabilized apartments will start at a higher baseline price.

Guidelines previously approved by the New York City Rent Guidelines Board in June will take effect on Wednesday, raising one-year leases for rent-stabilized apartments by 3.5% and two-year leases by 6.25%.

The baseline changes are expected to last until at least Sep. 30, 2026.

The nine-member Rent Guidelines Board, appointed by New York City Mayor Eric Adams, votes every year to adjust rent increase percentages for apartments and lofts.

Ahead of this year's vote, dozens of tenants and advocates rallied for rent freezes, saying they can't afford price hikes of any kind. However, Adams has said a rent freeze would exacerbate health and safety issues in homes by "depr

See Full Page