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NEW YORK, NY May 05, 2008 —Residents and landlords of more than one million rent-stabilized apartments will be watching closely this evening when the Rent Guidelines Board holds a preliminary vote on rent hikes. WNYC's Cindy Rodriguez reports:

Both landlords and tenants are sure to make their voices heard. Building owners have been calling on board members to increase rents by up to 15 percent. They point to an 8 percent increase in costs to make their case.

Fuel is the expense that went up the most. Water and sewer rates also drove up the cost of utilities. But tenants say the higher cost of living is hitting them hard too. They say higher food prices coupled with lower wages and job losses are making it more difficult.

Last year's vote resulted in 3 percent rent hikes on one-year leases and close to 6 percent for two-year leases. The Board's final vote happens on June 19th.

For WNYC, I'm Cindy Rodriguez.