NYC board approves rent hikes on stabilized apartments

NEW YORK (AP) - The Rent Guidelines Board has voted to hike rents for tenants in rent-stabilized apartments in New York City.

The board on Tuesday approved a 1.5 percent hike for one-year leases and a 2.5 percent increase for two years. The vote was 5-4. The increases will affect lease renewals starting Oct. 1.

The landlords were pushing for a 3 percent increase on one-year leases and a 6 percent hike for two years.

There are more than 1 million rent-stabilized apartments in the city.