Board suggests range of rent hikes

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The Rent Guideline’s Board has recommended a range of rent increases, suggesting 3.5 percent to 7 percent for one-year leases and 5.5 percent to 9.5 percent for two-year leases. The exact numbers will be discussed at two meetings and finally decided at a June 19 meeting. They will be effective October 1, 2008. Landlord representatives cited a study which shows that operating costs for rent-stabilized buildings increased 7.8 percent last year. Tenant representatives, meanwhile, cited a study, based on 2006 data, showing that the net operating income of rent-stabilized buildings increased 8.8 percent.

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