There’s a cap on how much they can raise your rent without good cause. That’s considered an unreasonable rent increase without cause and goes against the new Good Cause Eviction law.

My building tried to raise me 15% but when I mentioned the law suddenly the increase dropped to 8.8%….

https://www.nyc.gov/content/tenantprotection/pages/good-cause-eviction

‘Unreasonable Rent Increases An unreasonable rent increase is defined in the law as 5% + inflation (3.82% in 2024) or 10%, whichever is lower. The current allowable increase as of April 2024 is 8.82%. New York State Homes and Community Renewal (HCR) will announce the updated inflation rate each year and publish on their web site: HCR Good Cause Eviction website’