NYC Rent Hike: Democratic Frontrunner Mamdani Vows to Freeze Rents
In a significant development, Democratic frontrunner Zohran Mamdani has placed freezing stabilized rents at the heart of his political platform. This comes as the Rent Guidelines Board, appointed by Mayor Eric Adams, has voted 5-4 to increase rents, with the mayor expressing disappointment at the decision.
The rent hike, set to affect around 1 million rent-stabilized apartments in New York City, will see one-year lease rents rise by 3% and two-year lease rents by 4.5%. This decision by the board, which is responsible for regulating rent increases, comes days after Mayor Eric Adams withdrew from his reelection bid.
During the previous administration of Bill de Blasio, the board increased rents by a total of 6% and froze rents on three occasions. The current board members' terms vary, with no specific information available about their individual tenures as of October 2023.
The rent increase, which will impact a substantial number of New York City residents, is set to take effect this week. Mayor Eric Adams, while disappointed with the board's decision, has not indicated any plans to challenge or overturn the vote. Democratic frontrunner Zohran Mamdani, however, has made freezing stabilized rents a key part of his campaign, suggesting potential changes in policy if elected.
