NEW YORK - The city's Rent Guidelines Board voted to approve a rent freeze on one-year rent-stabilized leases and a 2 percent increase on two-year leases Monday.

"The facts demanded a rent freeze," Mayor Bill de Blasio said after the vote. "More than a million people will now have more security and a better shot at making ends meet."

He also said that declining fuel costs have offset other building expenses, which will protect their financial health.

Last year, the board voted for an unprecedented rent freeze. This year followed with a similar result.