Rent Guidelines Board paves way for rent hikes in BX, city

The Rent Guidelines Board approved a rent hike for rent-stabilized apartments in a preliminary vote Monday, but a final vote is needed to enact the change.

According to a study done by the board, operating costs for landlords last year increased by almost 8 percent. The board says the reason is due to the rising price of oil, utilities, taxes and insurance. Landlords would like to see rents raised by 8 percent, but tenants in rent-stabilized apartments say they already pay enough.

If the final vote approves the hike, rent for a one-year lease could go up between 3 percent and 6.5 percent. A two-year lease could increase between 5 percent and 8.5 percent. The next public hearing on the matter will take place June 19. The final vote will be held June 27.

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