5.5 & 8.5 % increases for 1 & 2 year leases

[mjr203]

so in case you were living under a rock this morning... the RGB voted 5.5% increases on 1 year leases last night and 8.5% on 2 year renewal leases.

"The increases, if given final approval in another vote scheduled next month, would be the highest in 14 years."

http://www.ny1.com/ny/TopStories/SubTopic/index.html?topicintid=1&subtopicintid=1&contentintid=29929

"The new rates will affect renewals on leases for rent stabilized apartments that expire on or after October 1, 2003. Leases that expire before then are subject to last year’s increases: 2 percent for one-year leases and 4 percent for two years."

-POINTER