In a politically charged decision, the NYC Rent Guidelines Board has approved rent increases for over 2 million rent-stabilized apartments, despite widespread calls for a rent freeze. The new regulations allow for increases of 3% on one-year leases and up to 4.5% on two-year leases. This decision comes at a time when the housing affordability crisis remains a hot topic, as residents and advocates express frustration over the impacts these hikes will have on tenants. Mayor Adams has urged the board to consider the lowest increase possible, reflecting the challenging balance between the needs of small landlords and the financial strain on tenants. The approval marks a significant moment for city housing policy, with the independence of the Rent Guidelines Board under scrutiny.