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Rent Guidelines Board Votes for Rent Freeze on Stabilized Apartments

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June 18, 2020 By Christian Murray

The New York City Rent Guidelines Board voted last night for a rent freeze on the nearly one million rent stabilized apartments.

The 6-3 vote will see a rent freeze on one-year leases that go into effect after Sept. 30. The board ruled that on two-year leases, the rent will be frozen in the first year with a one percent increase in the second year.

The freeze will have a significant impact on both landlords and tenants, with many struggling as a result of the COVID-19 shutdown. Approximately 2 million New Yorkers live in rent stabilized apartments.

The Mayor applauded the board’s decision last night.

“2 million New Yorkers living in rent-stabilized apartments can breathe a little easier,” de Blasio said on Twitter. “Now we have to KEEP fighting for more renter relief to help New Yorkers keep a roof over their heads.”

De Blasio also released a statement following the vote:

“Renters have never faced hardship like this,” it read. “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.”

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