NYC Officials Approve Rent Increases After Two-Year Freeze

By Erin Durkin

Tenants in the city's 1 million rent stabilized apartments won't see another rent freeze this year, after a board voted to allow increases of 1% to 3%.

The Rent Guidelines Board approved a 1% to 3% hike for one year leases and a 2% to 4% hike for two year leases in a preliminary vote Tuesday night.

The vote applies to leases starting in October, through September 2018.

For the last two years, the board appointed by Mayor de Blasio has frozen rents, the first freezes in city history.

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Source: The New York Daily News (via The Empire Report)