Rent Hike Approved For NYC Residents In Rent Stabilized Apartments

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NEW YORK (CBSNewYork/AP) — Tenants who live in rent stabilized apartments across the city will have to pay more after a vote by the Rent Guidelines Board.

The Board's 5-4 Tuesday approved a 1.5 percent increase on one-year leases and a 2.5 percent hike on two-year leases.

The new rents will take effect in October.

The vote comes after Albany recently passed sweeping new protections against big rent increases under a new law that also makes rent stabilization rules permanent.

Tenant advocacy groups say the newest hike will lead to evictions and homelessness among struggling tenants.

New York