The Rent Guidelines Board has approved increases for tenants living in more than one million rent-stabilized apartments in New York City.

The new rent guidelines are set to go into effect on Oct. 1. One-year leases will be subject to a 1.5% increase and two-year leases will rise 2.5%, according to ABC 7.

The decision was unpopular both with landlords, who feel the increase is too small, and tenants who feel that the increase is too large.

“We are disappointed that the Board chose to heed the fear-mongering of landlords and place their profits over preserving affordable and stable housing for tenants across New York City,” said Adriene Holder, Attorney-In-Chief of the Civil Practice at The Legal Aid Society (and former Rent Guidelines Board member). “It is the most vulnerable, low-income families that are already struggling to get by in one of the most expensive cities in the world who will bear the brunt of this rent increase. Their right to remain in their communities and keep a roof over their families should have been prioritized.”

“While the stark economic divide between the rich and the poor continues to rapidly grow and over 61,000 people experience homelessness every night in the City, it is mindboggling that the Board voted to raise rents on the neediest residents for a third consecutive year,” she continued.

“We hope that the Board listens to the voices of the 2.5 million rent-stabilized New Yorkers and reverse their vote.”

Learn more about The Legal Aid Society’s work to promote housing stability and prevent homelessness among the city’s most vulnerable families and individuals via our Housing Justice Unit.