New York Rent-Stabilized Apartment Rent Increases Approved

New York–The board that oversees New York City’s rent-stabilized apartments passed its biggest rent increases in almost 20 years on Thursday, sparking anger from current renters, the New York Times said.New York’s Rent Guidelines Board approved increases of up to 4.5 percent on one-year leases and 8.5 percent on two-year leases.In an unexpected move, the board also approved a rent increase option for buildings with tenants who have lived in their units for more than six years. Building owners can charge those tenants either the new increases or a $45 monthly increase for a one-year lease or $85 for a two-year lease.The board has not approved a larger amount of increases since 1989, when is passed a 5.5 percent increase for one-year leases and a 9 percent increase for 2-year leases.The new increases apply to leases renewed between October 2008 and September 2009, the Times said.