For the Second Year, Rents in Some Stabilized Apartments in New York City Will Not Increase

The board that sets rents for more than one million rent-stabilized apartments in New York City voted on Monday to freeze rents for one-year leases for the second year in a row.

From The New York Times

The board that sets rents for more than one million rent-stabilized apartments in New York City voted on Monday to freeze rents for one-year leases for the second year in a row.

By a vote of 7 to 0, with two abstentions, the New York City Rent Guidelines Board also decided to raise rents by 2 percent for two-year leases, a modest rise that mirrors last year’s. The vote, which came during a typically emotional board meeting, was in keeping with the historically low rent increases that the board had previously approved during the administration of Mayor Bill de Blasio, a Democrat who appointed the full board.

Board members said their decisions reflected the fact that most tenants in regulated units continue to struggle with housing costs. Keeping rents low also helps preserve the existing stock of housing that is below the market rate, which Mr. de Blasio has made a signature issue, along with building new affordable housing.