Rent Guidelines Board to hold preliminary vote on possible rent freeze or increases
NEW YORK (WABC) -- The Rent Guidelines Board is expected to cast its first preliminary vote on whether New Yorkers could see an increase on rent-stabilized apartments or if rents will freeze.
Members of the board were appointed by Mayor Zohran Mamdani, whose campaign promise faces a crossroads depending on how they vote.
The backdrop to this important preliminary vote is an ongoing affordability crisis across the city.
New Yorkers are feeling squeezed as the cost of living continues to rise, while landlords have also complained about increased property maintenance costs, saying a rent freeze would leave buildings at risk of falling into disrepair.
Last year, the board voted to allow increases of 3% on one-year leases and 4.5% on two-year leases.
This year, that could change, and if the panel votes for a rent freeze, increases would begin at 0%.
The vote is scheduled for 7 p.m. on Thursday and would be preliminary. It would determine whether renters could see an increase or a freeze.
A final decision will not be made until June 25, when the board convenes for its final vote in Long Island City.
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