Rent Board to Hike Rates Between 3.25 and 9.5 Percent

By Aidan Gardiner on May 1, 2013 9:56am 

 Tenants attending the Rent Guidelines Board's 2012 preliminary vote to raise rents on rent-stabilized units heckled the board during its deliberation at the Cooper Union.
Tenants attending the Rent Guidelines Board's 2012 preliminary vote to raise rents on rent-stabilized units heckled the board during its deliberation at the Cooper Union.
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DNAinfo/Patrick Hedlund

NEW YORK CITY — The city's Rent Guidelines Board had bad news for rent-stabilized apartment or loft dwellers hoping for a small increase in their payments next year — voting to approve a preliminary rent hike rate of between 3.25 and 9.5 percent.

The board voted Tuesday to raise the cost of one-year apartment leases by between 3.25 and 5 percent and two-year apartment leases by between 5 and 9.5 percent, according to the RGB website.

Last year, the board increased rates by 2 and 4 percent respectively, the lowest increase in seven years.

Tuesday's vote precedes a series of public hearings on the increases, which will be up for final vote on June 20 in Cooper Union's Great Hall.

The proposed increase in rates — which would go into effect Oct. 1 — reportedly weren't high enough to satisfy landlords on the Rent Guidelines Board, who pushed for 7 percent hikes for one-year leases and 11 percent for two-year leases, according to the Daily News.

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