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 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.