New York, NY – The Rent Guidelines Board voted to increase rent for rent stabilized apartments in New York City.
For a one year renewal, the rent hike is 3 percent and for a two year renewal, the rent renewal is 5.75 percent.
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The decision affects 1.1 million apartments, 3/4 outside Manhattan and 1/4 in Manhattan.
The rent increase is effective October 1, 2007 for any renewals signed after that date.
The head of the board, Mark Marcus, proposed a compromise that was approved by a vote of 5 to 4. All five public members voted in favor. Both tenant and landlord representatives voted against it. [wnbc]