Rent Guidelines Board Considers Freeze For 1 Million NYC Apartments

The New York City Rent Guidelines Board met to begin discussions for the upcoming rent cycle. Board Chair Chantel Mitchell announced a preliminary range for one-year leases between 0% and 2%. The meeting marks the start of the first rent negotiations under the Momdani administration. This follows recent discussions regarding the city's financial footing and tax credit proposals. The meeting is expected to conclude with proposed rent caps. Kenny Borgoz, CEO of the New York Apartment Association, stated that a rent freeze would be "disastrous" for building owners. He indicated that owners of affordable housing would require a 4.5% to 6.5% rent increase to break even and cover building repairs. The mayor is reportedly pushing the independent board for a "blanket rent freeze." The motion passed and included the option of a rent freeze. The Rent Guidelines Board voted last night to consider a rent freeze for New York City's 1 million stabilized apartments. Board members will consider a range of 0 to 2% increases for one-year leases and 0 to 4% for two-year leases. A final vote on these proposals is expected in June.