NYC rent board votes to hike rents

NEW YORK (AP) - The New York City Rent Guideline Board has voted to hike rents by 1.25 percent on one-year leases and 2 percent on two-year leases.

The Board voted 7-2 Tuesday night. The increases will affect more than one million New Yorkers living in rent-stabilized apartments.

At a preliminary vote in April the Board had recommended three percent and four percent increases on one and two year leases. Rents had been frozen for one-year leases for the previous two years

The new rents will take effect in October.