(New York, NY) — New Yorkers living in almost a million rent stabilized apartments will likely soon have to dig deeper to pay the rent each month. Last night the Rent Guidelines Board gave an initial approval to rent hikes of up to 4 percent for one year leases, and as high as 7 percent for two years leases. Tenants are not happy. Landlords say they need the increases to keep up with rising maintenance and repair costs.
The nine-member Rent Guidelines Board heard from both tenants and owners who say they have not done enough to help either side out. There were a slew of protestors who tried to interrupt the public meetings at LaGuardia Community College in Queens. There will be hearings now on the matter ahead of a final vote on the rent hikes in June.
