The Rent Guidelines Board on Wednesday voted to hike rents for New York’s more than 1 million stabilized tenants — earning jeers from lessees seeking a freeze or rollback in leases.
By a 5-4 vote, the board approved a 3% rent increase for one-year leases, and bifurcated increases for two-year leases of 2.75% in the first year, and 3.2% of the newly increased rent in the second year. That leaves rent close to 6% higher after two years, although the mayor’s office notes the overall amount of rent paid to the landlord in those two years would increase only 4.5%.
