NYC Board Approves Rent Hikes

The proposal, which passed by a 5 to 4 vote on Thursday, raises rents on one-year leases by 2 percent and on two-year leases by 4 percent

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    NEWSLETTERS

    The New York City Rent Guidelines Boards has voted to raise rents on approximately one million rent-stabilized apartments.

    The proposal, which passed by a 5 to 4 vote on Thursday, raises rents on one-year leases by 2 percent and on two-year leases by 4 percent.

    Tenants aren't happy about paying more; property owners say it isn't enough.

    Joseph Strasburg is president of the Rent Stabilization Association, which advocates for landlords. He says owners need enough money to keep buildings in good condition.

    "I'm disappointed," said Brooklyn property owner Chris Athineos. "Two percent -- the city doesn't increase our real estate taxes 2 percent. Everything goes up more than that."

    Manhattan tenant Delsenia Glover said her neighbors cannot afford any sort of increase.

    "So many people are out of work," she said. "So many elderly people are on fixed income and simply cannot afford it." 

    Tenant groups, which had called for a rent freeze, say the Rent Guidelines Board should be reformed to increase its accountability and diversity.

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