New York City's Rent Guidelines Board has voted to raise rent on nearly a million regulated apartments, bypassing the mayor's appeal for a one-year rent freeze. In a 5-4 vote, the board voted to implement an historically small increase: Rents for one-year lease renewals will be raised by 1 percent, and by 2.75 percent for two-year leases. The rates are for renewals as of Oct. 1.

Mayor Bill de Blasio had called for a one-year rent freeze, saying a "course correction" is needed after what he feels were years of "unnecessary" rent increases. “In recognition of the imbalance between the demand for and supply of housing, the board must promulgate rent guidelines that do not further exacerbate this imbalance,” Magda Cruz, a board member representing property owners, said at the meeting.

Had the board voted to freeze the rent, it would have been the first time that's happened in the board's 45-year history.