LOWER EAST SIDE, Manhattan (PIX11) — If you’re living in a rent-stabilized apartment in New York City, you’ll likely have to pay up more for rent after signing your next lease.

The rent guidelines board held a preliminary vote Thursday after hearing heated arguments from both renters and building owners.

Mayor Eric Adams said the city has to find “balance” between property owners and tenants. The outcome of the Rent Guidelines Board decision will impact a million tenants and thousands of landlords.

In its preliminary vote, the board approved an increase to stabilized rents by 2 to 4% on one-year leases. The measure allows for a 4 to 6% increase on two-year leases. The board will make its final decision in June.

Vito Signorile, who represents 25,000 landlords as the vice president of the Rent Stabilization Association, said they want to push for higher numbers if necessary.

An eviction moratorium from New York state helped tenants stay in their homes during the height of the pandemic. But for landlords, Signorile said, the bills kept coming.

Before Thursday night’s vote, landlords called on the board to raise rents by as much as 9%. The board preliminarily approved the more modest increase, but rent stabilized tenants are still facing one of the steepest surges since 2013.