NYC Rent Hike Could Affect Nearly 1 Million Rent-Stabilized Apartments

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As the rental market in New York City rebounds from a pandemic-induced crash, deals on apartments in the five boroughs are becoming more scarce.

Rents have been on the rise again for over a year now and city landlords of rent-stabilized apartments are looking to make up for lost time and money.

New York City's Rent Guidelines Board has suggested raising prices on the city's 966,000 rent-stabilized apartments this year to about 4.5 percent on one-year leases and between 4 percent and 9 percent on two-year leases.

The Rent Stabilization Association, which represents New York City building owners and agents, asked for 4.5 percent to 6.5 in increases on one-year leases, NBC New York reports.

Landlords say their expenses increased during the pandemic, while their revenue went in the opposite direction, with many tenants missing rent payments or moving out.

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