NYC board votes to raise rents

- New York City's Rent Guidelines Board has voted to raise rents on one- and two-year leases for tenants in the city's approximately 1 million rent-stabilized apartments.

The board voted 5-4 to raise rents on one-year leases by 1.5 percent and by 2.5 percent on two-year leases.

After the unprecedented rent freezes in 2015 and 2016, landlords have been calling for bigger increases to keep pace with property tax hikes, higher water bills, and cost of maintenance.

The vote applies to leases renewing between October 1, 2018, and September 30, 2019.

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