New York City Rent Guidelines Board Freezes Rent in Rent Regulated Buildings for One Year
Yesterday in response to the fiscal impact on the personal finances of New Yorkers due to the recession associated with the COVID-19 pandemic, the New York City Rent Guidelines Board voted to freeze rents in rent-regulated apartments in the city.
For one-year leases beginning on or after October 1, 2020 there
will be a 0% increase. For two year leases beginning on or after October 1,
2020 there will be a 0% increase in the first year and a 1% increase in the
second year.
Mayor Bill de Blasio said on Twitter: “The Rent Freeze just
passed! 2 million New Yorkers living in rent-stabilized apartments can breathe
a little easier. Now we have to KEEP fighting for more renter relief to help
New Yorkers keep a roof over their heads.”
This measure will help renters but also comes at the expense
of landlords who have been facing ever increasing regulations over the last couple
of years.