New York City’s Rent Guidelines Board voted on Tuesday to hike rent for around 1 million rent-stabilized apartments in the Big Apple in the largest rent increase in nearly a decade, estimated to impact over 2 million tenants.
At a contentious June 21 public meeting that saw tenants plead for another freeze and landlords call for hikes, the Rent Guidelines Board ultimately voted 5–4 to raise rents on regulated units by 3.25 percent on one-year leases and by 5 percent on two-year leases.
An effort for a lower increase of 2 percent on two-year leases and a continued freeze on one-year leases failed.
According to estimates, the rent hikes will impact around 2.4 million New Yorkers, or around one in three households….