Landlords, Tenants Unhappy with New Rents

New York, NY —

The City's Rent Guidelines Board has decided how much rents can be raised for the city's rent stabilized apartments, and neither landlords nor tenants are happy.

REPORTER: The Board approved a 2 point 75 percent increase on one year leases and a 5 and a half percent increase for two year leases. Last night's meeting attracted vocal tenants who called for a rent freeze. Ida Solomon lives in the Brighton Beach neighborhood of Brooklyn. She says she currently pays 850-dollars and will have to cut back on either food or medication in order to meet the increase.

SOLOMON: I'll be paying it because I don't want to be out in the street I just have to sit back and try to do whatever I can.

REPORTER: Landlords argue they cannot maintain their buildings without higher rents because property taxes are too high and a new lead law is too expensive to comply with.

This year's increase is slightly less than last years. The increases will affect leases renewed between October 1st of this year and September 30th of next year.