NYC Rent Guildlines Board votes for rent hikes

The News Leader

May 6, 2010 5:14:24 AM PDT
New York City residents should get ready for a rent hike. The Rent Guidelines Board has approved a preliminarily series of increases that will affect 1 million New Yorkers living in rent stabilized apartments.

The board voted for a 2 to 4 percent increase on one-year leases and a 4 to 6 percent increase on two-year leases.

The board will now hold a series of public hearings before the a final vote next month.

Any increase would take effect on October 1.