Rent hikes could be on the horizon for rent stabilized tenants.

The NYC Rent Guidelines board held a vote where it approved a preliminary rent hike of 1.75% to 4.75% for one-year leases and 4.75% to 7.75% for two-year leases.

Tenants' chants drowned out the speakers on the board, as they packed the audience at Laguardia Community College in Queens.

Iris LaVergne has lived in her rent stabilized building in the Bronx for 23 years.

"In the 23 years I've lived in this particular building the issues always seem to be the same, which is the lack of service of the elevator, it's been over a year since we had elevator service, heat and hot water issues, it's just ongoing," said LaVergne.

The board says they have data from property owners that pointed out that net operating income has declined by 25% for pre 1974 buildings in the last five years.

"We've heard testimony from the NYU Furman center and the community preservation corporation that confirmed that as much as 20% of all rent stabilized housing is at risk of foreclosure," said Robert Ehrlich, a public member on the Rent Guidelines Board.

Landlords say they can't afford to maintain their buildings, and a rent increase of just over 6% would help them break even.

"We are far behind in in obtaining or receiving rent increases that would at least allow us to break even with our expenses," said Valentina Gojcaj, who is a member of the Small Property Owners of New York.

Tenants like Daniela Santiago say they can't afford another cent due on rent day.

"It would be then too much, way over the limit, we would have to move," said Santiago who lives in the South Bronx.

This would be the fourth year of rent increases. The board, who is elected by Mayor Eric Adams has drawn criticism for favoring landlords.

"We're demanding that the next mayor pledges a rent increase and it won't be Adams," said a tenant representative.

The board will be hearing public testimony in all five boroughs ahead of the final vote that will be determined at a later date.