Inflation—and the Fed's campaign of rate hikes to combat it—may be winding down, but its lasting impact is about to be felt by apartment dwellers in rent-stabilized units in NYC.
Aiming to give building owners who have been dealing with spiraling operating costs in the past year some relief, the city's Rent Guidelines board has proposed increases of 4% to 7% for two-year leases and hikes of 2% to 5% for one-year leases.
If approved in a final vote next month, this would be the second consecutive year the board has enacted rent increases for the nearly 1 million rent-stabilized apartment units in NYC, which are occupied by an estimated 2M people.
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