New York City Board Approves Two-Year Rent Freeze for One Million Units
A city panel has approved a two-year freeze on rent increases for approximately one million stabilized apartments. The decision fulfills a prominent campaign pledge made by Mayor Zohran Mamdani.
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The New York City Rent Guidelines Board has approved a two-year freeze on rent increases for approximately one million stabilized apartments. The decision was reached in a 7-1 vote by the independent board, which is composed of mayoral appointees.
According to reporting from The Hill, the measure specifically applies to units in buildings constructed before 1974 and those that receive certain tax breaks. These changes are scheduled to take effect starting in October.
The New York Times reported that the rent freeze was a centerpiece of Mayor Zohran Mamdani’s campaign platform. The approval comes six months into his first year in office, fulfilling a pledge made during his election.