Last night, the Rent Guidelines board voted to increase rents on New York City’s 1 million rent-stabilized apartments by 2% or $20 for one year leases, whichever is greater, and 4% or $40 for two year leases, whichever is greater. It’s the lowest increase in at least 7 years, according to City Comptroller John Liu.

Though the increase was the lowest in a while, tenants were still fuming. “This is just devastating. It’s just so much that these households can’t continue to bear,” said Adriene Holder, a tenant representative on the panel to the NY Daily News.

The increase was passed at a vote of 5 to 4, with two votes representing the renters voting against it because they felt the increase was too high, and two representing the owners voting against it because it was too low, according to the New York Times.

With property taxes up 7.5%, many owners complained that they aren’t able to make a profit. “The ones who are really bearing the brunt of it are the small property owners,” said Joe Strasburg, president of the Rent Stabilization Association, who called the increase “another disappointing year.”

Last year, the rent hike was an astoundingly high 3.75% for one year leases and 7.25% for two year leases.

(Photo: Geoff Stearns/ Flickr)