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"Comparing NYC's Rent Hike to Other Major US Markets

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The New York City Rent Guidelines Board voted to pass a rent hike for approximately one million rent-stabilized apartments in the city.

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The changes include a 3% raise on one-year leases and an increase in two-year leases by 2.75% in the first year and 3.2% in the second.

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The rent hike will take effect on October 1.

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This marks the highest rent increase since Mayor Michael Bloomberg's tenure in 2013, when rents rose between 4% and 7.24%.

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Tenants and advocates expressed dissatisfaction with the decision, demanding rent rollbacks.

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5

Tenants and advocates expressed dissatisfaction with the decision, demanding rent rollbacks.

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Landlords cited rising operating costs, such as taxes, energy costs, and insurance premiums, as reasons for their dissatisfaction.

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Some landlords initially proposed even higher increases during the preliminary RGB meeting.

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Homelessness in NYC has reached levels not seen since the Great Depression, while the average rent in Manhattan has climbed to $4,595 per month.

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Rising rents and housing affordability issues are not limited to NYC and impact other cities across the United States.

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The Federal Reserve's interest rate policies and potential future rate hikes may have implications for the housing market and rental prices.