NYC Rent Guidelines Board approves rent freeze
A rent freeze has been voted into effect for this year, affecting more than one million rent-regulated tenants in the city.
The New York City Rent Guidelines Board approved another rent freeze Thursday at a rally in Manhattan.
The freeze is on one-year rent-stabilized leases and a 2 percent increase of two-year leases.
The vote follows last year's historic decision, in which the first rent freeze was voted into effect.
Advocates say they have wanted a rent rollback and that the rollback would allow struggling families to stay in their homes. However, landlords say rent increases are a necessity in order for them to keep up with taxes and other expenses.
Mayor Bill de Blasio says he approves of the vote.
"This year, the facts demanded a rent freeze. More than a million people will now have more security and a better shot at making ends meet," says Mayor de Blasio.
The changes are effective for leases from Oct. 1, 2016 through Sept. 21, 2017.