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NYC rent board votes to increase rents in regulated units

The board approved a 1 percent increase for

The board approved a 1 percent increase for one-year leases and a 2.75 percent increase for two-year leases. Photo Credit: Getty Images

Rents will be on the rise again for the 1 million rent-regulated apartments in the city this fall.

The Rent Guidelines Board voted Monday to increase rents 3.75 percent for one-year leases and 7.25 percent for two-year leases. The increases kick in Oct. 1 and last for one year.

A separate proposal to add a 1 percent rental surcharge to cover the rising cost of heating oil was not voted on.

Initially, the 2.5 million renters in the Big Apple who are covered by rent-stabilized laws faced as much as a 5.75 percent increase for one-year leases and up to 9 percent for two-year leases. Building owners say the increases are needed to cover rising operational costs.

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