The board voted to increase rents by 2.75% on one-year leases and 5.25% on two-year leases. The new rates will likely take effect in October, impacting a significant number of tenants in rent-stabilized apartments.
The decision by the board to raise rents was met with opposition from many housing advocates, citing concerns about increased homelessness, eviction, and displacement for tenants already struggling with rent burdens and affordability.
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