Board votes to hike rents for NYC residents

The Associated Press
on June 23, 2014 – 9:25 PM

NEW YORK (AP) — New York City tenants in nearly a million regulated apartments will be digging deeper into their pockets.

The Rent Guidelines Board on Monday voted 5-4 to raise rents on stabilized apartments by 1 percent on one-year leases and 2.75 percent on two-year leases.

Mayor Bill de Blasio had called for a one-year rent freeze, saying a “course correction” was needed after years of “unnecessary” rent increases.

According to The New York Times (http://nyti.ms/1sz7oDl ), the board’s research shows that more than a third of stabilized tenants are paying over half their income in rent.

On the flip side, the board’s research shows a 5.7 percent rise in operating costs this year. And landlords say their costs exceed those numbers. They had sought a 6 percent increase for a one-year lease and 9.5 percent for a two-year lease.
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