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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NYC Rent Guidelines Board approves increase on leases