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Updated 06/23/2009 11:23 PM

Rent Guidelines Board Approves Hike

By: NY1 News

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Tenants of the city's one-million rent stabilized apartments will be paying more, after the Rent Guidelines Board approved a hike during its final vote Tuesday night.

The increase for one-year lease renewals in buildings that provide heat will now go up three percent, while two-year renewals will go up six percent. For tenants who have lived in their building for six or more years, the increase will be either $30 or $60, whichever is more.

One-year lease renewals in buildings that do not provide heat will go up 2.5 percent, while two-year renewals will go up five percent. For tenants who have lived in their building for six or more years, the increase will be either $25 or $50, whichever is more.

Rent Guidelines Board Approves Hike

Tenant advocates had been pressuring Mayor Michael Bloomberg, who appoints members to the board, to ask for a rent freeze, citing the economic crisis.

"It's true that taxes have gone up; however it's also true that the rent increases that the Rent Guidelines Board passes are passed every year," said tenant advocate Marina Metalio. "And, as I mentioned, they've never had a freeze, no matter what have happened with the landlord costs."

Landlords say they need the rent hikes to cover increased property taxes.

"Double-digit increases for the last three years alone, it's been a tremendous burden on the building owners' back," said Frank Ricci of the Rent Stabilization Association. "And they need some ability to recoup some of that, which is why we're hoping for a higher rent increase this year."

The new rent hikes will take effect for lease renewals starting October 1st.