Board to review uptick in stabilized rent

The Rent Guidelines Board is set to hold a preliminary hearing this afternoon on a possible rent hike for rent-stabilized units in New York City, according to NY1. The potential increase, which would take effect Oct. 1, would impact rents on approximately 1 million units in the city. The board’s most recent rental rate increase, which was enacted last year, allowed a 3 percent uptick for one-year lease renewals. [NY1]