Rent Guidelines Board freezes rents on 1-year leases
(AP) -- New York City's Rent Guidelines Board has voted to freeze rents on one-year leases for tenants in rent-stabilized apartments.
Monday night's vote before a crowd of jubilant tenants and advocates was the first time in history the board had decided to freeze rents. The board voted to increase rents on two-year leases by 2 percent.
There are more than 1 million rent-stabilized apartments in the city. Last year, the board had voted to raise rents by 1 percent on one-year leases and 2.75 percent on two-year leases.
The board has nine members. Two represent tenants, two represent owners and five are members of the public. An owner representative who voted against the proposal called it "myopic."
State legislators voted last week to extend rent regulations for another four years.