Rent Guidelines Board votes in favor of increasing rent citywide

The Rent Guidelines Board voted Tuesday night in favor of increasing the price for rent-controlled apartments in New York City.
Rent-controlled apartments are set to see the highest jump in rent that New Yorkers have seen in a decade. 
One-year leases will increase in rent by 3.25%, and two-year leases will increase by 5%.
This affects leases being renewed on or after Oct. 1 this year, and on or before Sept. 2023.
The board had a split vote 5-4 as many factors were being considered, including increased operating costs, inflation and small building owners struggling to maintain their properties.
The Legal Aid Society criticized this vote, and the mayor’s office issued a statement Tuesday night, saying although this is a burden and difficult time for tenants, that small landlords are at risk of bankruptcy because of years without rent increases.