NYC Rent Board Approves Hikes

NEW YORK (AP) -

The Rent Guidelines Board voted Thursday to raise New York City’s rent-stabilized apartment rents to 4 percent for one-year leases and to 7.75 percent for two-year leases, a benchmark many landlords use in deciding all house rents.

In May, the board had proposed increases between 3.25 percent and 6.25 percent on one-year leases and between 5 percent and 9.5 percent increases for two-year leases. More than 1 million people live in rent-stabilized apartments.