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De Blasio to freeze rent on regulated apartments

New York City Mayor Bill de Blasio (Credit: NYC.Gov)

Mayor Bill de Blasio has ordered the NYC Rent Guidelines Board to freeze rents next year for the city’s regulated apartments. The Mayor appoints all nine members of the Rent Guidelines Board, which determines rents for roughly 1 million of the city’s 2.2 million apartments.

  • Worth Noting: De Blasio initially asked Governor Cuomo to suspend the board during the pandemic to speed the freeze, but potential legal issues derailed that idea. So now, the Mayor called on the board to meet remotely and formally approve a freeze, according to the NYPost.
  • Origins of rent regulation: President Franklin D. Roosevelt signed the Emergency Price Control Act into law in 1942. In the throes of World War II, the goal was to prevent inflation by setting price controls in a fully employed economy.

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