NYC board approves rent hikes on stabilized apartments

NEW YORK (AP) - The Rent Guideline Board has voted to hike rents for more than one million tenants in rent-stabilized apartments in New York City.

The Board’s 5-4 Tuesday approved a 1.5 percent increase on one-year leases and a 2.5 percent hike on two-year leases.

The new rents will take effect in October.

The vote comes after Albany recently passed sweeping new protections against big rent increases under a new law that also makes rent stabilization rules permanent.