Rent board OKs biggest hikes since ’03

At a raucous meeting Tuesday evening, the city Rent Guidelines Board voted 5 to 4 to allow landlords to raise the rent on more than 1 million rent-stabilized apartments in the five boroughs. Increases of as much as 7.25 percent on two-year leases and 4.25 percent on one-year leases — the highest increases since 2003 — would apply to leases renewed between September 2006 and October 2007. more [NYT]