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NYC: Rent Guidelines Board Votes To Raise Leases, 3.75 & 7.25 Percent

It’s D-day for some 1 million New York City tenants who now know just how much more it will cost them to live in their rent-stabilized apartments.

The Rent Guidelines Board made its final determination Monday night on how much landlords can raise their rates. One-year leases will go up 3.75 percent and two-year leases 7.25 percent, reports CBS 2′s Hazel Sanchez.

It’s political hot potato every year, but in this economy, with everyone being squeezed with higher costs for everything, the Rent Guidelines Board was under pressure from both tenants and landlords to hear their pleas, take their side.

Tenants were on the warpath, demanding that the board limit increases in these tough economic times.

Groups representing residents of 45,000 rent-stabilized apartment buildings throughout the five boroughs staged a raucous demonstration. They wanted the board to limit what landlords can change for leases that expire in the year starting Sept. 30.

Previously, the board said the new rate would be somewhere between:

* 3 percent and 5.75 percent for a one-year lease.

* 6 percent and 9 percent for a two-year lease.

* Buildings that heat with oil — virtually all of them — can add an extra 1 percent surcharge on top of that.


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