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Rent Guidelines Board freezes rents

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

The board that oversees rent-regulated apartments in New York City voted to freeze rents for nearly one million tenants through September 2021 because of the coronavirus pandemic’s vast economic impact in the city, according to the Wall Street Journal.

  • Worth Noting: The Rent Guidelines Board passed the measure via a Zoom meeting by a 5-4 margin. The vote was preliminary, but housing experts say the measure would almost certainty be ratified in a final vote scheduled for June 17.
  • Dig Deeper: Under the vote, rents for one-year leases beginning October 1 would be frozen. Rents for two-year leases would be frozen for one year, with a 1% increase beginning in October 2021. Combined, it was the smallest increase since the board began setting rents in 1968, WSJ noted.

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