This piece appeared in the Real Estate Section of Sunday's New York Times :
Rent Increases for Stabilized Units
Q Who decides what the annual rent increase will be for rent-stabilized apartments? Is there a cap on the increases?
A Rent increases for stabilized apartments are determined by the New York City Rent Guidelines Board , a nine-member panel appointed by the mayor. Lucas A. Ferrara, a Manhattan lawyer, says that that although there is no legal cap on the increase the board can approve, the board is required to take certain factors into account, including the economic state of the residential real estate market, the current and projected cost-of-living indexes, vacancy rates and other relevant information. For renewals that take effect through Sept. 30, 2011, increases have been set at 2.25 percent for a one-year lease and 4.5 percent for two years.