Farewell from Eric Adams: Rent Hikes Hit Stabilized Leases in NYC Neighborhoods

Former mayoral candidate Eric Adams may have withdrawn from the race, but his impact on NYC's real estate market will be felt for years to come. As his final action in office, rent hikes for stabilized leases under his administration will go into effect today, with one-year leases seeing a 3 percent increase and two-year leases facing a 4.5 percent hike.

While Adams may have left the political scene, his legacy of rising rents and gentrification remains. The increase in rent prices only adds to the already high cost of living in NYC, where the median monthly rent is $2,500.

City officials defended the rent hikes, citing the need for landlords to cover expenses and make a profit. "We understand that these increases may be difficult for tenants, but it is important for landlords to be able to maintain their properties and provide quality housing for their tenants," said a spokesperson for the Department of Housing Preservation and Development.

However, critics argue that the increases are unnecessary and only serve to benefit landlords and developers. "These rent hikes are just another example of how the real estate industry has a stranglehold on NYC and its residents," said a representative from the advocacy group Tenants & Neighbors.

As for Adams, he has not publicly commented on the rent hikes or his decision to withdraw from the mayoral race. But his parting gift to NYC residents will surely be remembered as they continue to struggle with the high cost of living in the city.