NYC Rent Board Proposes Hikes of 3-to-6 Percent

NEW YORK (AP) -

The Rent Guidelines Board has proposed raising New York City’s rent-stabilized apartment rents between 3.25 percent and 6.25 percent on one-year leases.

The board will settle on a final figure before approving the hike at a June 20 meeting.

The board on Tuesday also proposed 5 percent and 9.5 percent increases for two-year leases

Landlords had pushed for a 7 percent increase on one-year leases and 11 percent on two-year rents. Last year tenants faced rent increases of 2 percent and 4 percent. More than 1 million people live in rent-stabilized housing.