NEW YORK, NY June 24, 2009 —Rents may be falling for unregulated apartments, but they're going up on a million rent-regulated apartments in New York City. The Rent Guidelines Board approved a three-percent increase on one-year leases, and a six-percent increase on two-year leases.

Landlord Arnold Fine who attended last night's board meeting says the cost of insurance and oil is driving his costs sky-high.

FINE: Every year since 2001, I am making less and less money on the building even though the rents go up. But my expenses go up faster than my rents.

REPORTER: Fine predicts that the six-family building he owns in Kensington, Brooklyn will start losing money in about ten years.