CBSN New YorkWatch Now
NYC Rent Guidelines Board Voted 5-4 To Approve Increases
Filed Under:Cooper Union, Eileen Lehpamer, Jimmy McMillan, Landlord, New York City Rent Guidelines Board, Rent, Rent Control, Rent Guidelines Board, tenant
Demonstrators at the Rent Guidelines Board vote, June 20, 2013. (credit: Eileen Lehpamer/1010 WINS)Demonstrators at the Rent Guidelines Board vote, June 20, 2013. (credit: Eileen Lehpamer/1010 WINS)

NEW YORK (CBSNewYork) — The New York City Rent Guidelines Board voted Thursday night in favor of rent increases.

Under the new recommendations approved by a 5-4 vote, rent can go up 4 percent on one-year lease renewals and 7.75 percent on two-year lease renewals of rent-stabilized apartments. That’s nearly double the increase that was approved last year.

READ MORE: 28-Year-Old Man Burned When Gas Explosion Blows Out Garage At Perth Amboy Home

As 1010 WINS’ Eileen Lehpamer reported, tenants and landlords alike are displeased over the board’s recommendations.

Renters had been seeking a rent freeze, but landlords wanted a higher increase.

A public hearing on the proposed rent increase was held last week in lower Manhattan.

Tenants argued rent has been increasing at a rate higher than pay increases, but landlords said they were incurring more costs for the upkeep of their properties.

READ MORE: Police: Hennawi Salem Charged With Sexually Assaulting Women At Connecticut Furniture Store

Under the current rules, rent could go up 3.25 percent for a one-year lease and 5 percent for a two-year agreement.

There are about 1 million rent-stabilized apartments across the five boroughs.

The vote was held in Cooper Union’s Great Hall on Thursday evening.

Mayoral candidate Jimmy McMillan, whose platform is “the rent is too damn high,” held a rally outside the meeting on Thursday, Lehpamer reported.

The rent board approved increases of 2 percent for one-year renewals and 4 percent for two-year leases last year.

You May Also Be Interested In These Stories

MORE NEWS: Bruce Springsteen, Jennifer Hudson, Paul Simon And More: Full Lineup Revealed For 'We Love New York City: The Homecoming Concert' In Central Park

[display-posts category=”news” wrapper=”ul” posts_per_page=”4″]