New York City’s Rent Guidelines Board voted to raise rents by 1 percent for one-year lease renewals at regulated apartments, implementing a historically small increase while stopping short of freezing rates.

The board, which sets rent adjustments for homes under the city’s stabilization law, voted five to four for the increase at a meeting yesterday attended by hundreds of New York City residents. For two-year leases, rents will rise 2.75 percent. The rates are for renewals as of Oct. 1.

http://www.bloomberg.com/news/2014-06-24/nyc-board-sets-1-rent-increase-for-stabilized-apartments.html