NEW YORK (CBSNewYork) — New York City’s Rent Guidelines Board has voted to allow a rent increase.

The decision will permit rent hikes of up to 1.5% for people living in rent stabilized apartments.

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That’s only for the second six months of a one-year lease. On two-year leases, the second-year rate can rise by as much as 2.5%.

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Tenants had been pushing for rent reductions.

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The move will affect roughly 2.3 million New York City tenants.

CBSNewYork Team