New York, which has some of the priciest rents in America, voted to freeze rents for some properties subject to rent stabilisation by the city, media reported Thursday in a win for leftist Mayor Zohran Mamdani.
Nearly a million properties in the Big Apple subject to so-called “rent stabilisation” will not see their rents hiked, delivering on a campaign promise made by Mamdani, who identifies as a Democratic socialist.
A preliminary vote in May by the rent guidelines panel had endorsed Mamdani’s plan to effectively freeze rents on nearly one million New York apartments.
New York City Mayor Zohran Mamdani has succeeded in his plan to effectively freeze rents on nearly one million New York apartments.
The freeze was approved after a meeting that was attended by a strong showing of tenant groups, the New York Post reported.
Ahead of the vote, a member of the rent guidelines board representing landlords’ interests resigned, claiming it had “stopped being a fact-finding body” and was seeking “to deliver a rent freeze” at all costs.
Housing rental costs, including market-rate rents, continue to drift higher. In April, the median rent of a Manhattan apartment topped $5,000 a month for the first time as the vacancy rate slipped to a six-year low of 1.55 percent.
The rising cost of living has emerged as a potent political issue in New York and elsewhere, fueling last November’s election of Mamdani.
AFP
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