Breaking News: New York City Freezes Rent for Two Years!

BREAKING NEWS: New York City Freezes Rent for Two Years!

The New York City Rent Guidelines Board has frozen rents for two years. In an unprecedented move, there will be no rent adjustment, 0% on a one-year lease and two-year leases. In a 7-to-1 vote to impose the rent freeze, including one owner member who was recently appointed by Socialist Mayor Zohran Mamdani, who voted to approve the two-year rent freeze. This owner’s argument was that raising rents would increase rent arrears and hurt the fiscal health of buildings. Only one member of the Rent Guidelines Board who is a public member, voted against the freeze. Another owner member on the board, Christina Smyth, resigned in protest prior to the meeting.