NYC Board Approves Rent Increase For Rent Stabilized Apartments
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.
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%.
Tenants had been pushing for rent reductions.
The move will affect roughly 2.3 million New York City tenants.
