Manhattan Skyline

Photo by Spencer Platt/Getty Images

NYC Board Approves Rent Hikes On Stabilized Apartments

June 26, 2019 - 12:45 pm

NEW YORK (AP) -- The Rent Guideline Board has voted to hike rents for more than one million tenants in rent-stabilized apartments in New York City.
The Board's 5-4 vote Tuesday approved a 1.5 percent increase on one-year leases and a 2.5 percent hike on two-year leases.
The new rents will take effect in October.
The vote comes after Albany recently passed sweeping new protections against big rent increases under a new law that also makes rent stabilization rules permanent.