Manhattan's average rent soared to record $5,588 in July
New Yorkers are feeling the squeeze as rents hit a new high.
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New Yorkers are feeling the squeeze as rents hit a new high.
Board members voted for 3% increase on one-year leases and a 2.75% increase on the first year of two-year leases.
This was the last public comment before the board is expected to vote on rent increases next week.
Throughout the meeting, tenants and advocates called for a rent decrease, drowning out the board with jeers.
Landlords say it's necessary to keep rent-stabilized buildings operational. Tenants say it will lead to evictions.
According to StreetEasy, that means you must bring in around $134,000 per year.
Douglas Elliman Real Estate says the average rent was up about 1% from January.
The former will rise 3.25 percent and the latter will go up 5 percent, following 5-4 vote Tuesday night.
Nonprofit Housing Rights Initiative secretly posed as voucher holders and contacted realtors to get an apartment.
The board's ultimate decision in June will impact nearly 2 million apartments in the city.
