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New York

Stabilized rent increases

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The city’s Rent Guidelines Board approved the highest rent increase in years for 1 million rent-stabilized apartments. Rents on one-year leases can increase up to 4.5 percent, and two-year leases can increase 8.5 percent. The board also authorized a supplemental rent increase for tenants who have lived in apartments for at least six years, allowing landlords to increase rents $45 a month on one-year leases and $85 on two-year leases.