Rent Hikes Approved for NYC's Rent Regulated Apartments

New York, NY —

Tenants living in the city's 1-million rent-regulated apartments should prepare to see their monthly bills go up. The Rent Guidelines Board approved a preliminary series of rent hikes - between two and four percent for one year leases, and four to six percent hikes for two year leases.

The board gave preliminary approval to the increases by a vote of five to four. The board will hold public hearings before the final vote next month. Any increases would go into effect October 1st.