June 27, 2016
Tonight, the Rent Guidelines Board voted for a zero percent increase on one-year, rent-stabilized leases, and a two-percent increase on two-year leases. Approximately 1.6 million New Yorkers live in rent stabilized apartments that have leases coming up for renewal during the term affected by these guidelines.
“This year, the facts demanded a rent freeze. More than a million people will now have more security and a better shot at making ends meet. And the financial health of our buildings will remain protected because declining fuel costs have offset other expenses. In short, tonight’s decision by the Rent Guidelines Board reflects what’s actually happening in our neighborhoods.
“We are fighting displacement and protecting affordable housing on every front. From putting shovels in the ground for more affordable housing than any time in 40 years, to increasing free legal services for tenants ten-fold, to this rent freeze, we are turning the tide to keep this a city for everyone.”