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NYC Rent Guidelines Board Votes For Stabilized Rent Freeze

/ CBS New York

NEW YORK (CBSNewYork) -- A has been approved for rent-stabilized apartments in New York City.

On Wednesday night, the passed the proposal with a 6-3 vote.

Rents will now be frozen on one-year leases and the first year of two-year leases.

During the second year of two-year agreements, landlords can bump rent up 1%.

This rent freeze is the third in six and a half years.

The changes go into effect Oct. 1 and will last until September 2021.

Mayor Bill de Blasio released the following statement in response to the vote:

"Renters have never faced hardship like this. They desperately need relief and that's why we fought for this rent freeze. Now, more renters than ever before will get help keeping a roof over their heads. This is one step of many we have to take to get families through this crisis—but it's a big one."

Earlier this year, , citing the number of people who have lost their jobs and are unable to find work due to the coronavirus pandemic.

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