New York City’s Rent Guidelines Board rejected a potential rent freeze in its meeting Monday.
The Board approved a 1% increase for 1 year leases and 2.75% for 2 year leases.
The board’s vote came at the Great Hall at Cooper Union.
It had never frozen rents for the city’s 1 million stabilized apartments.
Mayor Bill de Blasio urged the board to impose a freeze as part of his push for affordable housing.
His appointees now make up a majority of the board.
Landlords, not surprisingly, were against the idea. Many say their expenses are skyrocketing and without an increase, some may be forced to sell.