At a meeting this week, New York City’s Rent Guidelines Board advanced a proposal allowing rent hikes of as much as 7.75% for two-year leases on rent-stabilized units.
During the session at LaGuardia Community College in Long Island City, the board also recommended a maximum increase of 4.75% for one-year lease renewals. The motion narrowly passed in a 5-4 vote. Final approval of the proposed ranges is expected at a board vote scheduled for late June.
Each year, the Rent Guidelines Board sets adjustment limits for the city’s approximately one million rent-regulated apartments. The board is composed of members representing the public, tenant interests, and property owners.
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