Last night, the New York City Rent Guidelines Board (RGB) voted to raise the amount landlords may charge for rent-stabilized apartments, a decision that will affect the wallets of more than one million tenants.
Following much heated debate and several rallies, the RGB approved an increase of 3.75% for one-year leases and 7.25% for two-year leases, a significant jump from the past two years' increases, according to a report from the New York Daily News. The new increases take effect with leases that begin on or after October 1, 2011. (Read an official summary of the renewal lease guidelines from the RGB.)
Affected tenants reportedly aren't happy with the deal, claiming the rent hike is too much, particularly during these difficult economic times.
But landlords don't appear to be rejoicing either, saying the increases aren't high enough to cover the rising costs of owning and operating a building in New York City.
Do you think the increases for rent-stabilized apartments are fair? If not, what outcome would you recommend?
(Photo © Don Bishop / Getty Images)