New York sees biggest stabilized-rent hike in decade
The New York City Rent Guidelines Board has voted to pass a rent hike for the roughly one million rent-stabilized apartments in the city.
The board agreed to a 3% raise on one-year leases and an increase in two-year leases in intervals of 2.75% the first year and 3.2% the second.
The changes will take effect on Oct. 1.
The decision marks the highest rent increase since mayor Michael Bloomberg was in office, when the board he appointed hiked rents up between 4% and 7.24% in 2013.