The Week in Review

1. Board Suggests Rent Hikes

Rent increases for rent-stabilized apartments have been on the rise in past years, and this year is no exception. The Rent Guidelines Board proposed increases of between 3.5% and 7% for one-year leases, and between 5.5% and 9.5% for two-year leases, effective October 1. Landlords and tenants are equally dissatisfied with the board's 5-4 vote, the New York Times reported; the landlords had called for higher increases, while tenant leaders supported a proposal to freeze rents.

2. Is the Housing Slump Finished?

America may have reached the bottom of the housing crash, the Wall Street Journal reported. A Wellesley College professor, Karl Case, compiled data that shows once housing starts fall below the 1 million mark, recessions tend to end. In March, housing starts dropped below that benchmark. "It is really remarkable how much where we are today looks like the bottom we've had in the last three cycles," Mr. Case said.

3. Landmarks Rejects St. Vincent's Development

The Landmarks Preservation Commission sent St. Vincent's Hospital back to the drawing board after rejecting large parts of its proposed $1.6 billion renovation and development in Greenwich Village. The hospital's plan, conceived with Rudin Management Co., would have replaced nine historic district buildings with a new hospital building and a luxury condominium tower. The hospital plans to return to the landmarks commission with a hardship application to demolish the historic O'Toole Building, it said.

4. United Nations Renovation Under Way

The United Nations broke ground on its $2 billion renovation, slated for completion in 2013. Work began on a temporary building on the North Lawn of the campus that will host U.N. meetings during the renovation. Staffers will relocate to nearby buildings, and the U.N. recently leased 460,000 square feet of office space on Madison Avenue, the Real Deal reported. The building's modernization will include removing hazardous substances, such asbestos, and updating telecommunications systems. The U.N. headquarters have not been updated since they were built in 1952.

5. Celebrity Couple Leaves Brooklyn

Jennifer Connelly and Paul Bettany put their 5,000-square-foot Park Slope townhouse on the market, Curbed.com reported. The couple paid $3.7 million for the Prospect Park West home in 2003, and it is now listed with Sotheby's at $8.5 million. The actress, who grew up in Brooklyn, and her husband will trade their 18-room limestone mansion for a $7 million West Village penthouse.

6. Appeal To Block Trump SoHo Denied

The Board of Standards and Appeals denied an appeal by community groups to prevent the construction of the Trump Soho hotel-condo tower. The SoHo Alliance brought the appeal with support from local groups such as the Greenwich Village Society for Historic Preservation, claiming the 454-foot Spring Street tower went against zoning regulations. "In over 90% of appeals cases such as these, the Board of Standards and Appeals has ruled to uphold decisions of the Department of Buildings," the SoHo Alliance said. Preservationists may appeal their case to the state Supreme Court.