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Rents to rise for greater than 1,000,000 New Yorkers in lease stabilized residences

The RGB, which regulates lease stabilized residences in Manhattan, voted 5 to Four on Tuesday to approve elevating charges on one-year leases by 3.25% and by 5% on two-year leases.

The transfer comes as rents in New York City hit a file excessive in May for the fourth consecutive month. Median lease for an house in Manhattan climbed to $4,000 a month in May, surging 25% from a 12 months in the past, in accordance with a month-to-month report from brokerage agency Douglas Elliman and Miller Samuel Real Estate Appraisers and Consultants.
The Legal Aid Society condemned Tuesday’s vote, calling it “a shameful vote, one which was likely predetermined, to increase rents on our most vulnerable neighbors,” the group stated in a press release.

The non-profit authorized assist supplier stated the choice principally impacts renters are from communities of colour who’ve been affected by the pandemic and inflation and “barely scraping by.”

The lease will increase on lease stabilized residences will start within the fall.

CNN Business’ Anna Bahney contributed to this report

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