Landlords, tenants square off over proposed rent hikes

Renters are looking for smaller places to live in NYC.

June 13, 2013 4:29:27 AM PDT
Landlords and tenants are squaring off at a public hearing over major rent hikes Thursday.

The meeting begins at 10 a.m. in Lower Manhattan.

The Rent Guidelines Board is expected to make its final decision in two weeks, but it has already made a preliminary judgment.

All one-year leases would increase by up to 6.25 percent, with two-year agreements set to increase 9.5 percent.

The debate over rent hikes applies to New York City's 1 million rent-stabilized apartments.