Over one million rent-regulated apartments in New York City will see a rent increase, despite Mayor Bill de Blasio's initiative for a one-year rent freeze.

The New York City Rent Guidelines Board decided in a 5-4 vote that there will be a 1% increase in rent stabilized apartments with one-year leases, and a 2.75% increase for two-year leases.

Although this is one of the lowest rent increases in history, the outcome of the decision angered many city residents who were expecting the rent freeze.

 

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Source: NBC New York

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