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Rent Freeze May Grace New York For Second Year In a Row

Falling fuel prices may have led to lower operational costs

After the historic rent freeze approval last year, another one might follow this year, the Wall Street Journal reports. Due to the drop in fuel prices the city's Rent Guidelines Board is considering freezing the rent for rent-stabilized apartments once again this year.

It's based off of a key price index the Board released on Thursday which suggests that operational costs for rental buildings might have gone down in the last 12 month, one of them being a 41 percent drop in heating costs.

The lowering cost of fuel has also prevented a 7.5 percent in taxes and 3.2 percent in labor costs for rental buildings, according to WSJ's analysis of the report.

In fact, according to the Rent Board's report, if landlords wished to maintain their current operating income, they could stand to decrease the rent by 0.8 percent for one year leases.

However several landlords that the publication interviewed have refuted the findings of this report and are questioning the metrics adopted to come up with these figures.

The Rent Guidelines Board is comprised of two landlord representatives, two tenant representatives, and five members of the public. The Board will vote on the matter next month.