NEW YORK CITY—Following a contentious battle and much discussionof “will they or won't they,” the Rent Guidelines Board hasvoted to raise rents on rent-stabilized apartments. Theorganization made history when it enacted the lowest hikes in itsnearly half-century history, prompting some CRE executives to cryfoul.

The Board voted to raise rents on nearly 1 millionrent-stabilized apartments by 1% for new one-year leases and 2.75%for two-year leases, according to the New York Post. TheMayor's office was not available at press time.

While the increase is record-breakingly small, it runs counterto Mayor de Blasio, who had suggested a freeze on rents aftersaying Mayor Bloomberg had been overly generous to landlords. “Weneed a course correction — a one-time action to clearly rectify themistakes of the past,” de Blasio said hours before the vote.

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Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.