NEW YORK CITY (WABC) -- The largest price hike in nearly a decade for leases on New York City's rent-stabilized apartments is now in effect.
Current renters who renew their leases between Saturday and September 30, 2023 will be subject to increases of 3.25% for one-year leases and 5% for two-year leases.
Back in June, the New York City Rent Guidelines Board approved the increase in a 5-4 vote.
The change affects the more than two million New Yorkers currently living in the city's one million rent-stabilized units.
It comes after two years of rents either being frozen or increases kept low due to the COVID-19 pandemic, along with eight years of mostly modest increases during the de Blasio administration.
But also at a time of rising inflation, during which the cost of everything, even essentials like groceries, has gone up dramatically.
At the same time, the net effective median rent in Manhattan rose to $4,059 in August, according to real estate firm Douglas Elliman.
In Brooklyn, it was the highest on record at $3,464 and in northwest Queens, it was the third highest on record at $3,042.
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