Rent Guidelines Board approves rent hike in Bronx and city

The Rent Guidelines Board has voted "yes" on a proposed rent hike in the Bronx and New York City.

The approval will increase one-year leases by 3.5 percent and raise two-year leases by 6.5 percent. This latest hike comes on the heels of the highest rent increase citywide in decades.

Residents living in the Bronx spoke out Tuesday saying they cannot afford to have their rents raised again. But landlords say higher rents are needed to help them pay for increasing costs.

The Rent Guidelines Board sets rent increases for about 1 million rent stabilized apartments citywide.

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