Rent Goes Up for New Yorkers


new-york The New York City Rent Guidelines Board voted toTuesday night in favor of raising rents for about one million New Yorkers who live in rent-stabilized apartments. The board has voted for a 3 percent or $30 increase on one-year leases and 6 percent or $60 on two-year leases. Earlier, City comptroller William Thompson said, “This is a crisis this year…we need the rent guidelines board to vote no increase.” Renter advocates have been calling on Mayor Bloomberg to install a rent hike freeze given the current economic climate.

Landlords say they need the hikes in order to cover a rise in property taxes.

It was estimated earlier that rents could have gone up 2 percent to 4.5 percent for one-year renewals and 4 percent to 7.5 percent for two-year renewals that start on or after Oct. 1.

{NewYorkNow/ Newscenter}