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NYC Rent Board Approves Hikes of 4 and 7.5 Percent

NYC Rent Board Approves Hikes of 4 and 7.5 Percent
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More Than 1 Million People Live in Rent-Stabilized Apartments

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.