clock menu more-arrow no yes mobile

Filed under:

New Yorkers Could Get a Reprieve as Rent Freeze Measure Clears First Hurdle

The Rent Guidelines Board took a favorable preliminary vote on the matter

Following a preliminary vote on Tuesday, the city's Rent Guidelines Board voted to consider a freeze on rent-stabilized apartments for a second year running, the Wall Street Journal reports.

The board agreed to look over several measures that ranged from no increase whatsoever to a two percent increase for one-year leases, and between a 0.5 percent and 3.5 percent increase for two-year leases.

The vote was close however with the nine-member board voting 5-4 in favor of consideration. The board is comprised of two building owners, five members of the public, and one tenant.

A study released last month revealed that a rent freeze was likely in order due to a decrease in operational costs over the last 12 months. The Rent Guidelines Board's final vote will take place on June 27, and will be preceded by public meetings on the matter.