Tenants and landlords alike will be waiting with bated breath when the Rent Guidelines Board votes on whether or not the cost of living in rent-stabilized apartments is going up on Tuesday at 7 p.m. 

In a report from the board, it says that tenants in one-year leases could see a hike anywhere from 5.3% to 8.25%, while those with two-year leases would see hikes starting at 6.6% and going as high as 15.75%. 

Michael Tobman is the membership director for the Rent Stabilization Association and emphasized how energy costs, property taxes and utilities are the biggest drivers of how high the cost in compliance has risen.  

“When we say this is going to impact New Yorkers, we agreed it would impact the ability of building owners to maintain their buildings, many of which are 100 years old,” said Tobman. “So, without an appropriate responsible rent adjustment which is income for the buildings, the entire affordable housing system in New York City could collapse.” 

Landlords and tenants both testified last week at a Rent Guidelines Board meeting, with tenants expressing their concerns consistently.  

The Rent Guidelines Board says they are scheduled to meet tomorrow night and vote on this, but tenants and neighbors have also told News 12 that a press conference with tenants protesting against these hikes will take place tomorrow as well.