Rents to rise for more than a million New Yorkers in rent stabilized apartments

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(CNN)The NYC Rent Guidelines Board (RGB) has fixed the greenish airy to let landlords successful New York City to hike rents connected much than 1 cardinal rent stabilized apartments.

The RGB, which regulates rent stabilized apartments successful Manhattan, voted 5 to 4 connected Tuesday to o.k. raising rates connected one-year leases by 3.25% and by 5% connected two-year leases.

The determination comes arsenic rents successful New York City deed a record precocious successful May for the 4th consecutive month. Median rent for an flat successful Manhattan climbed to $4,000 a period successful May, surging 25% from a twelvemonth ago, according to a monthly study from brokerage steadfast Douglas Elliman and Miller Samuel Real Estate Appraisers and Consultants.

    The Legal Aid Society condemned Tuesday's vote, calling it "a shameful vote, 1 which was apt predetermined, to summation rents connected our astir susceptible neighbors," the radical said successful a statement.

      The non-profit ineligible assistance supplier said the determination mostly impacts renters are from communities of colour who person been affected by the pandemic and ostentation and "barely scraping by."

        The lease increases connected rent stabilized apartments volition statesman successful the fall.

        CNN Business' Anna Bahney contributed to this report

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