Rent for NYC apartments to see price hike following board decision

Rent for NYC apartments to see price hike following board decision

Renters in New York City will be paying more after the Rent Guidelines Board approved a hike for rent-stabilized apartments.
Renters in New York City will be paying more after the Rent Guidelines Board approved a hike for rent-stabilized apartments.
The Rent Guidelines Board voted to increase rent by the highest increase in rent stabilized housing in 10 years. The board had a split 5-4 vote and considered many factors, including operating costs, inflation and small businesses struggling to maintain their properties.
The proposed hike is a 2% - 4% increase on one-year leases and a 4% - 6% increase on two-year leases. The board settled on a 3.25% increase on one-year leases and a 5% increase on two-year leases.
The rent increases are set to begin as early as Oct. 1 for rent-controlled housing.