NEW YORK (1010 WINS) -- The Rent Guidelines Board passed increases by a vote 5 of 4 on the 1-million stabilized apartments in the New York City.
Tenants will see a 1.5% Increase for one-year leases and a 2.5% increase for two-year leases starting in October.
Both sides attending the meeting left unsatisfied, landlords wanted significant increases, and tenants were hoping for freezes even rollbacks.
The vote comes after Albany lawmakers passed rent reforms that help protect tenants this year, but that was the one reason cited for increases by some board members.
1010 WINS reporter Samantha Liebman reported that some Guidelines Board Members didn't know how the rent reforms will impact the landlords' bottom lines, so they felt they needed to have some increase.
Libeman also reported that some board members felt they need to wait and see what happens the new the Albany approved rent reform laws.