Board decides on rent hikes for stabilized apartments

Thousands of tenants in rent-stabilized apartments in the Bronx and around the city may soon have to shell out more cash per month.
On Monday, the Rent Guidelines Board set forth plans to raise rents in those apartments 3.5 to 7 percent for 1-year leases and 5.5 to 9 percent for 2-year leases. Landlords say they need higher rents to offset increases in taxes, labor, fuel, utilities and insurance costs.The panel, which includes members representing landlords and tenants, estimates the increases will amount to an average of $60 extra a month for renters.
Public hearings will be held the proposed hikes and tenants will then have a chance to make their cases to the board.
The board is set for a final vote on the rent hike June 19. If approved, the increases would kick in Oct. 1.
Rent-stabilizedbuilding tenants may face rent hike
Rent-stabilizedbuilding tenants may face rent hike