NYC board approves rent hikes - FOX 29 News Philadelphia | WTXF-TV

NYC board approves rent hikes

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The New York City Rent Guidelines Board has approved rent increases for more than 1 million rent-stabilized apartments in the five boroughs.

The board passed a 4-percent increase for a one-year renewal lease. The rent will go up 7.75 percent on a two-year renewal lease.

The increases apply to lease renewals that commence on or after October 1, 2013, and on or before September 30, 2014.

Every year, the vote angers many, and no one walks away happy.

Renters say anything but a token increase would be too much, while landlords say the hikes are never enough to cover their rising costs.

The Rent Stabilization Association, a group that represents thousands of landlords, had called for a much larger hike, citing higher property taxes and rising water, sewer, and maintenance costs.

Meantime, groups that advocate on behalf of tenants have said that any increase can be devastating to New Yorkers who already have trouble making ends meet.

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