The city's Rent Guidelines Board voted 5-4 to increase rent amounts for rent-stabilized apartments in the Bronx and New York City.

The board finalized rent increase amounts for one and two-year leases. For one-year leases, the amount will increase by 4.25 percent. For two-year leases, the board approved a 7.25 percent hike.

The rent hike would affect those residents living in rent-stabilized apartments. Landlords say hike is necessary because of the increasing costs of gas and other expenses. Many tenants say the increase could eventually force them out of their homes.

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