NYC rent board proposes hikes of 3 to 6% - Houston weather, traffic, news | FOX 26 | MyFoxHouston

NYC rent board proposes hikes of 3 to 6%

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NEW YORK (AP) - The Rent Guidelines Board has proposed raising New York City's rent-stabilized apartment rents between 3.25% and 6.25% on 1-year leases.

The board will settle on a final figure before approving the hike at a June 20 meeting.

The board on Tuesday also proposed 5% and 9.5% increases for 2-year leases

Landlords had pushed for a 7% increase on 1-year leases and 11% on 2-year rents.

Last year tenants faced rent increases of 2% and 4%.

More than 1 million people live in rent-stabilized apartments.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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