2012 RGB RENT INCREASES BEGIN GOING INTO EFFECT MONDAY; INCREASES DISPRAPORTIONATELY HIT THE POOREST NEW YORKERS

NEW YORK, NY – September 28, 2012 – (RealEstateRama) — On Monday, October 1st, new rent increases approved by the New York City Rent Guidelines Board will begin going into effect, raising the cost of housing for millions of rent stabilized tenants. For many tenants, these rent increases will be a severe hardship, and will further heighten the effects of the economic recession.