on sunday june 27, the new york city rent guidelines board voted for a zero percent increase on one-year lease renewals for rent-stabilized apartments. the board also approved an increase of two percent on two-year leases, providing more stability for long time renters.
these changes will go into effect for all rent-stabilized leases signed after october 1. last year's rent freeze was the first in 50 years. this year's rent freeze offers security for hundreds of thousands of working families.
the rent guidelines board bases its decisions on months of research into the costs and pressures facing owners and tenants alike. they also consider the voices of new yorkers who engage in the rent guidelines board's public process.
there are 1.6 million new yorkers who currently live in a rent stabilized apartment. each of their leases are coming up for renewal between october 1, 2016 and september 30, 2017. this rent freeze affects them all.
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