Yesterday evening, tenants residing in New York City's rent-stabilized apartments were given a 4 percent increase for renewals of one-year leases and 7.75 percent for two-year leases—the largest spike in five years. The increase was the result of a vote held at a Rent Guidelines Board meeting at the Cooper Union for the Advancement of Science and Art.

This decision will increase the rent of the one million people who live in the city's rent-stabilized apartments that have leases expiring on or before Oct. 1. The last time tenants saw an increase of this size was in 2008, when increases of 4.5 and 8.5 percent were handed out. 

[via New York Post]