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New York

Rent Guidelines Board okays 3.75 percent hike for stabilized units

The Rent Guidelines Board has approved a rent hike for rent-stabilized apartments in the city, affecting some 1.1 million apartments with a 3.75 percent increase for one-year renewals and 7.25 percent for two-year contracts, the New York Daily News reported. The hikes will take effect October 1.

“It’s very disappointing,” said Jesse Duperon, who lives in a rent-stabilized unit in the East Village. “They’re turning their backs on the New Yorkers that stood through the crisis of 9/11.”

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The increases are more substantial than those of the past two years, the Daily News said. Last October, the board approved increases of 2.25 percent for one-year lease renewals and 4.5 percent for two-year deals.

There is some good news for tenants: The board vetoed a 1 percent surcharge for oil-heated buildings to compensate owners for rising prices.

Still, renters were furious. “This is not based on vacancy rates or what people can afford,” said one angry renter Joel Schiff. [NYDN]

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Rent Regulations