The proposal, which passed by a 5 to 4 vote on Thursday, raises rents on one-year leases by 2 percent and on two-year leases by 4 percent.
Joseph Strasburg is president of the Rent Stabilization Association, which advocates for landlords. He says owners need enough money to keep buildings in good condition.
Tenant groups, which had called for a rent freeze, say New Yorkers can’t afford rent hikes. They say the Rent Guidelines Board should be reformed to increase its accountability and diversity.