NYC rent freeze officially takes effect for the first time in history for 2-year leases
This is the first rent freeze in city history.
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On Oct. 1, the New York City rent freeze took effect for rent-stabilized units.
This is the first rent freeze in city history for two-year leases.
Sumathy Kumar, the executive director of the New York State Tenant Bloc called it a big win for renters everywhere.
"Every tenant can just take a sigh of relief. When costs are going up in every part of our lives, this is one thing we know can stay the same," said Kumar.
A total of 2.4 million New Yorkers live in rent-stabilized homes.
Kumar says the rent freeze will potentially put hundreds of dollars back in renters' pockets monthly.
But not everyone is on board.
News 12 spoke with housing advocate, and former New York state Assemblyman Kenny Burgos, who believes the freeze will cause more issues than it would solve.
"Freezing revenue as costs continue go up... as we see gas and oil go up 28% year over year, insurance go through the roof, we're not only going to see lower quality buildings, we're going to have less housing," said Burgos.
Burgis said that cost keep buildings up to code will get passed onto other renters, who don't live in rent-stabilized apartments.
"The cost is gonna get pushed to the free market," said Burgos.
The city is now being challenged by local landlords.
A lawsuit against the city calls the freeze "unlawful," claiming the Rent Guidelines Board had made a decision before any hearing.
