NEW YORK—The city’s Rent Guidelines Board cast a preliminary vote Monday to consider a 0 to 3 percent increase on one-year leases and 0.5 to 4.5 percent increase on two-year leases.
The board’s vote makes a rent increase freeze possible since the percentages in the final vote will have to be within the ranges of the vote cast Monday, which includes zero for the most common leases.
The final decision will impact rental costs on nearly 1 million rent-stabilized apartments.
The board voted hours after the mayor’s office released a comprehensive 10-year affordable housing report.
Nearly half of New York City’s rental units are rent stabilized. Mayor Bill de Blasio called for a freeze on rent increases in his testimony before the board last year.
The board has never authorized a freeze. The tenant representatives on the board called for a rent rollback, but the motion was voted down.
The Rent Guidelines Board consists of nine mayoral appointees representing tenants, owners, and the public. De Blasio already appointed five of the members, a voting majority.
Last year, the board held only one public meeting to the dismay of de Blasio, who was the public advocate at the time. The board added meetings in Brooklyn, Queens, and the Bronx this year.