A rent freeze has been approved for rent-stabilized apartments in New York City.
On Wednesday night, the Rent Guidelines Board passed the proposal with a 6-3 vote.
Rents will now be frozen on one-year leases and the first year of two-year leases.
During the second year of two-year agreements, landlords can bump rent up 1%.
This rent freeze is the third in six and a half years.
The changes go into effect Oct. 1 and will last until September 2021.
Mayor Bill de Blasio released the following statement in response to the vote:
“Renters have never faced hardship like this. They desperately need relief and that’s why we fought for this rent freeze. Now, more renters than ever before will get help keeping a roof over their heads. This is one step of many we have to take to get families through this crisis—but it’s a big one.”
Earlier this year, protesters called for a rent freeze, citing the number of people who have lost their jobs and are unable to find work due to the coronavirus pandemic.
(Source: CBS2NY)
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3 Responses
Based on San Francisco’s experience, rents should be falling. The increased use of telework, especially for the better jobs, will translate into reduced demand for urban housing. High unemployment reduces demand. Falling demand, and constant supply, will result in the “invisible hand” of the market forcing prices down UNLESS THE GOVERNMENT MEDDLES.
Pardon my ignorance! But what right does the government have to take my money out of my pocket!
If I own a building how can the government tell my tenants, who signed a binding contract that they will pay me each month the rental agreement price, that they don’t have to pay? It’s my building – not the governments.
Does the rent freeze for tenants also come with a tax freeze for the landlords?