The city's Rent Guidelines Board is set to hold its final vote tonight on its proposed rent hikes for rent stabilized buildings.
A rent freeze is one of the options under consideration.
The board has proposed a range of increases from zero to three percent for one-year lease renewals, and .5 to 4.5 percent for two-year lease renewals.
Landlords and tenants have gotten a chance to sound off at public meetings in all five boroughs.
This is the first set of rent hikes being considered by the board under Mayor Bill de Blasio.
He appointed six new members earlier this year, including the chairwoman.
Any hikes would affect leases signed after October 1.
Whether tenants or landlords will walk away feeling like they got the upper hand remains to be seen, people who spoke with NY1 say rent stabilization evens the playing field a bit.
"If you have rent stabilization that keeps the price where people can stay in the city. I think that is a good thing. I think if you have just wealthy and just poor then you create a situation where you don't have enough people that are able to do the jobs to make the city run at an optimal level," said one New Yorker.
"Rents are ridiculous. I moved to the East Village in 1962. I had an apartment that was beautiful, one bedroom apartment that was $32 a month. That same apartment goes to $3,200. That's a hundred times increase. Subway only went up maybe 20 times. Something is wrong," said another New Yorker.
"I had a rent stabilized apartment, but new owner bought the busing and then he bought me out of my apartment. Maybe it was a mistake. Had a small apartment on Mott Street but I took the cash, it was about $20,000," noted a third New Yorker.
Tonight's final vote at Cooper Union's Great Hall is open to the public.
The meeting begins at 6 p.m.