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City losing rent-stabilized apartments

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The number of rent-stabilized apartments in New York dropped by 6,022 in 2006, according to a report from the Rent Guidelines Board. Tenant activists say too many apartments are exiting rent-stabilization due to the high-rent decontrol system. Landlords, meanwhile, say it’s good for apartments to go out of the rent-stabilization program, because it means more money is available for them to funnel back into housing. The Rent Guidelines Board will hold hearings next week on proposed rent hikes; the board is considering rent increases ranging from 2 percent to 4.5 percent for one-year leases and 4 percent to 7.5 percent for two-year leases. more [NYDN]

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