Rent Guidelines Board votes in favor of raising rent for stabilized apartments
Related mediaHearing held on possible rent hikes
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.
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The decision impacts roughly 1 million tenants throughout the five boroughs who live in rent-stabilized apartments.