Rent Guidelines Board Approves New Increases

Tuesday, Jun 28, 2011  |  Updated 4:44 AM EDT
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Rent will be going up for millions of tenants in rent-stabilized homes.

Rent will be going up for millions of tenants in rent-stabilized homes.

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At a raucous hearing at Cooper Union on Monday night, the Rent Guidelines Board approved new rent increases for some 2.5 million New Yorkers living in rent-controlled apartments.

One-year leases will jump 3.75 percent and two-year leases will increase 7.2 percent, under the new terms set the board.  The increases this year were steeper than last year's increases.  Last year, one-year leases jumped 2.25 percent and two-year leases 4.5 percent.

But the increases were not as high as they could have been.  The board considered increases between 3 percent and 5.75 percent for one-year leases and increases of 6 to 9 percent for two-year renewals.

The increases are effective October 1. 

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