The city's Rent Guidelines Board gave the nod to increasing rent for rent-stabilized apartment buildings at a preliminary vote Tuesday evening in Manhattan.
The board's preliminary vote inside The Great Hall at Cooper Union in the East Village called for:
- A half-percent to 2.75 percent increase on one-year leases
- A 1.75 to 3.75 percent increase on two-year leases
The board had rejected two proposals: Landlords proposed a 3.75 to 5.75 percent increase on one-year leases and a 4.75 to 6.75 increase on two-year leases. Tenants proposed a half-percent increase for one-years and a 0 to 1 percent increase for two-years.
The Rent Guidelines Board is slated to hold a series of public hearings around the five boroughs before it holds a final vote June 25.
Last year, the board approved hikes of 1.5 percent on one-year leases and a 2.5 percent on two-year leases.
Any increases will affect lease renewals that start in October.