Rent board votes for stabilized rate hikes

At last evening’s preliminary hearing at Cooper Union, the Rent Guidelines Board has recommended an increase of 2 percent to 4 percent on one-year leases and 4 percent to 6 percent on two-year leases for the more than 1 million rent-stabilized apartments in the city, according to the New York Times. While the decision is not final — two public hearings on the proposed rent hikes are slated for June 15 and June 17 — tenant advocates are riled over the board’s initial plan. If enacted, the proposed rental rate increases would take effect Oct. 1, 2010. [NYT]