search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aMacerich faces “imminent” default on $300M Santa Monica Place loanMacerich faces “imminent” default on $300M Santa Monica Place loanHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudLincoln Property defaults on Newport Beach office loanLincoln Property defaults on Newport Beach office loan
Popular
New York

Rent freeze expected by both landlord and tenant leaders

A freeze on rents would benefit more than one million New Yorkers

From left: Rent Stabilization Association President Joseph Strasburg, a tenant rally in New York and Mayor Bill de Blasio
From left: Rent Stabilization Association President Joseph Strasburg, a tenant rally in New York and Mayor Bill de Blasio

A freeze on rents for more than one million NYC tenants is looking more likely than ever, with both landlord and tenant leaders saying that they expect rents to be held at their current rate.

Organizations on both sides of the issue told the Wall Street Journal that they believe the Rent Guidelines Board will approve the freeze beginning on or after October 1, along with a modest increase in rents for two-year leases.

Sign Up for the undefined Newsletter

“I still believe in a rollback of rents, but this will be a historic low in the history of the Rent Guidelines Board,” Harvey Epstein, a lawyer at the Urban Justice Center and a tenant representative of the board, told the Journal.

“We expect them to vote a zero,” said Jack Freund, executive vice president of the Rent Stabilization Association, a group representing 25,000 rent-regulated landlords.

The lowest increase since the board began setting rents in 1969 was passed last year at just one percent. [WSJ] – Christopher Cameron

Tags
Bill De BlasioRent Regulations