Panel Backs Increasing Rent 2.25% And 4.5%.

Rents for New York City's one million rent-stabilized apartments will rise less than in the past several years under increases set Thursday evening at a typically raucous public meeting. The city's nine-person Rent Guidelines Board approved rent increases of 2.25 percent for one-year leases and 4.5 percent for two-year leases. The increases apply to leases renewed between Oct. 1, 2010, and Sept. 30, 2011. [ABSTRACT FROM PUBLISHER]