Posted on: June 25, 2019 06:00 PM

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Rent increase approved in NY for rent stabilized tenants

The Rent Guidelines Board voted 5 to 4 to approve 1.5% increases on one-year leases and 2.5% increases on two-year leases for rent-stabilized apartments and lofts. This includes Glen Oaks Village Co-op where rent stabilized tenants resides along with other coop and regular apartments in New York. However its up to each coop and apartment management to decide whether to raise the rent or not.