In a significant move, New York City's Rent Guidelines Board re-voted on rent increases due to public criticism. They have reduced the proposed hike for two-year leases from 4.75%-7.75% to a new range of 3.75%-7.75%. For one-year leases, the revised increase is set between 1.75% and 4.75%. The board's decisive meeting for the final vote is scheduled for June 27, and the approved increases would take effect after October 1. Approximately one million units in New York City are affected by these adjustments in rent stabilization guidelines.
The Rent Guidelines Board has made an unusual decision to re-vote on rent hikes, responding to criticism by reducing the proposed increase for two-year leases.
The newly proposed range for two-year lease rent increases is now set at 3.75% to 7.75%, down from the initial range approved last month.
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