NYC Rent Board Approves Hikes of 4 and 7.5 Percent
The Rent Guidelines Board has voted to raise New York City's rent-stabilized apartment rents to 4 percent for one-year leases and to 7.75 percent for two-year leases.
NBC reports the board held its final vote Thursday.
In May, the board had proposed increases between 3.25 percent and 6.25 percent on one-year leases and between 5 percent and 9.5 percent increases for two-year leases.
Landlords had pushed for a 7 percent increase on one-year leases and 11 percent on two-year rents.
Last year tenants faced rent increases of 2 percent and 4 percent.
More than 1 million people live in rent-stabilized apartments.