Update: The Rent Guidelines Board approved the rent freeze on June 27, 2016. The Board decided to freeze rents for one-year leases and raise rents by 2% for two-year leases.

On May 3, 2016, New York City's Rent Guidelines Board voted 5-4 to consider freezing the rent of over one million rent-stabilized tenants. The board has a statutory mandate to set the rent adjustments for all dwelling units covered by New York City's rent stabilization law. The board adopted a proposed range of rent increases for:

The board is to make its final decision at its June 27, 2016 meeting, when it sets the annual rent guidelines. The range of possible increases is the same as last year, when the board voted for the first time ever to freeze rents for one-year rent-stabilized apartment leases.

Many tenants feel that a rent freeze is not sufficient, instead calling for a 4% reduction. Tenant groups cited an April study prepared by the board that found that landlords' operation costs have actually fallen over the last 12 months, the first time that has occurred since 1969.

Landlords, however, argued in favor of a 4% rent increase for one-year renewals and a 7% rent increase for two-year renewals. The landlords asserted that they are not making enough to maintain their old buildings.

The board will accept further public comment at the June 27, 2016 meeting. The finally adopted rent guidelines go into effect for lease renewals between October 1, 2016 and September 30, 2017.