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NYC freezes rents on regulated apartments

By a 6-to-3 vote, the panel, the Rent Guidelines Board, approved a measure that froze rent regulated rents on one-year leases at their current levels and imposed a similar freeze in the first year of two-year leases, while allowing landlords to raise rents 1 percent in the second year, according to the New York Times. Landlords criticized Mayor de Blasio for playing “pandemic politics” and not taking their own precarious situation into consideration.

  • The backdrop: The vote came after dueling proposals offered by the board’s tenant and landlord members failed. The tenant proposal would have frozen rents for two years, while the landlord members sought to raise rents 2 percent on one-year leases and 5 percent on two-year leases.
  • Worth Noting: The changes affect leases renewed after Oct. 1 for the nearly one million rent-stabilized units, about half of the city’s rental stock. The Rent Stabilization Association has said that if tenants received a rent freeze, the city should enact a similar freeze for owners on property taxes and utilities. Freezing rent will only expedite the deterioration of the city’s aging housing. [NYTimes]

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