NYC Rent Guidelines Board approves increase on leases

NEW YORK (WABC) -- New York City's Rent Guidelines Board decided Tuesday to increase rates for rent-stabilized apartments.

The board approved increases of 1.5 percent on 1-year leases and 2.5 percent on 2-year leases starting on Oct. 1 for rent-stabilized apartments.

Tenants spoke out at a public meeting last week in Harlem, trying to convince the board to freeze rents.

The board held a series of hearings after approving rent increases in a preliminary vote in April.

Landlords say operating costs have skyrocketed over the past five years while rent has remained stagnant.

The board voted during a public meeting at Cooper Union's Great Hall in the East Village.

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