The Legal Aid Society is demanding that the Rent Guidelines Board freeze rents for over two million tenants who live in rent-stabilized apartments when it votes later this year.

According to the recently released Income and Expense Study, landlord revenue grew for the third straight year, while tenants across New York City are contending with a historic affordability crisis that has skyrocketed the price of basic necessities.

The price of market-rate apartments throughout the five boroughs has also spiked to record highs, underscoring the need to preserve the affordability of the city’s dwindling rent-stabilized housing stock to ensure residents are able to remain in their longtime homes and communities. 

“A freeze on rents for all tenants in stabilized units is the clear path forward,” reads a statement from Legal Aid. “Vulnerable, working-class tenants must not be asked to bear the cost of yet another rent hike when today’s report proves unequivocally that an increase is not presently needed.”