Rent Guidelines Board approves rent hikes for over 2 million rent-stabilized residents
Board members voted yes to a 4.5% increase for two-year leases and a 3% hike for one-year leases.
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In a close 5-4 vote, the Rent Guidelines Board approved new rent hikes Monday night.
The decision will impact more than 2 million New Yorkers living in rent-stabilized apartments and has divided the city between those who live in the apartments and those who own the buildings.
Board members voted yes to a 4.5% increase for two-year leases and a 3% hike for one-year leases.
It was a middle ground, as proposed increases ranged up to 4.75% for one-year leases and 7.75% for two-year leases.
Tenant groups are calling for a freeze, saying the board's decision could shape city politics.
Landlords say that running buildings in New York City is not cheap, and they have to keep up with rising costs.
