Rent Guidelines Board votes in favor of raising rent for stabilized apartments

The board approved a 1 percent increase for one-year leases and a 2.75 percent increase for two-year leases. (6/23/14)

NEW YORK - The city's Rent Guidelines Board has voted to raise rents for stabilized apartments.

The board approved a 1 percent increase for one-year leases and a 2.75 percent increase for two-year leases.

Tenant and advocate groups had pushed for a rent freeze. Many protested and testified during public hearings last week in hopes of swaying the vote.

Read More:  Brooklyn Top Stories

The decision impacts roughly 1 million tenants throughout the five boroughs who live in rent-stabilized apartments.

advertisement | advertise on News 12

advertisement | advertise on News 12