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