New York City on Monday night froze rent on one-year leases for the first time ever.
The city’s Rent Guidelines Board made history by voting 7-2 to favor the rent freeze … the first time in the Board’ s 46-year-history.
For two-year leases, rents can go up by no more than 2 percent, a record low.
Experts say the new move will ease the pressure of millions of rent-stressed people in rent-stabilized apartments.
Report in April shows that while landlords in the city have seen their incomes grow for nine consecutive years, tenants have weathered both unchanged income and rising housing costs.