Rent hikes kick in for stabilized apartments

More than one million New Yorkers will be digging deeper into their pockets each month as increases kick in for rent-stabilized apartments. The city's Rent

BROOKLYN - More than one million New Yorkers will be digging deeper into their pockets each month as increases kick in for rent-stabilized apartments.

The city's Rent Guidelines Board approved a 2-percent hike for one-year leases, and a 4-percent hike for two-year leases. Residents living for less than $1,000 a month will also be faced with a supplemental fee of $20 a month for a one-year lease and $40 for two years.

Advocacy group Tenants and Neighbors says the increases are significant for rent-stabilized residents already struggling to make ends meet. They argue that the board is not being realistic, adding that the city's poverty level is nearing 21 percent.

The new guidelines will apply to all leases going into effect on or after Oct. 1.

advertisement | advertise on News 12

Trending Video

They say the speculators are buying homes and 1 Activists rally against gentrification in Cypress Hills, East NY
VIDEO: March to help seniors apply to college 2 VIDEO: March to help seniors apply to college
News 12 viewers discuss the widow of DA 3 The Buzz: Colon cancer
A Bronx-based artist has opened a cash-optional, pop-up 4 Artist opens up cash-optional coffee shop in Williamsburg
Click PLAY for the latest weather forecast. 5 Brooklyn Weather Forecast

advertisement | advertise on News 12

Features

Furry Friends is a weekly segment on News Furry Friends

Furry Friends is a weekly segment on News 12 Brooklyn nightside.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE