"One of the most memorable promises that new York City's newly inaugurated Mayor Zohran Mamdani made during his campaign was to freeze the rent for tenants of the city's 1 million rent-stabilized apartments. The idea sounds simple, suggesting that there's a quick and easy way for a mayor to tackle one of the city's most insoluble problems. But nothing in New York is ever quick and easy."
"One of the complicating factors is that the mayor can't freeze the rents himself. He needs the approval of the city's nine-member Rent Guidelines Board, which votes annually on whether landlords can increase the rents on regulated apartments and, if so, by how much. The board is appointed by the mayor, but it's largely regarded as independent and data-driven. This is not to say that a rent freeze can't be done."
"This is not to say that a rent freeze can't be done. Under Mayor Bill de Blasio, the Rent Guidelines Board froze the rent three times during his two terms: in 2015, in 2016, and in 2020, during the Covid pandemic. The proposal also faces a backlash from those in the real estate industry, who argue that a rent freeze will undermine"
Mayor Zohran Mamdani pledged to freeze rents for tenants of roughly 1 million rent-stabilized apartments and proposed tripling the city's housing production. The mayor cannot unilaterally impose a rent freeze because the nine-member Rent Guidelines Board, appointed by the mayor but largely independent, must approve changes to regulated rents. Past freezes occurred under Mayor Bill de Blasio in 2015, 2016, and 2020. The rent-freeze proposal faces opposition from the real estate industry, which warns it could undermine owners of naturally occurring rent-stabilized buildings that require costly maintenance. The core problem remains low vacancy and insufficient housing supply.
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