NYC: Renters will get $50 a week in a move to the city’s rent freeze as the nation’s largest city begins its first freeze of rent for three years.
Renters who are on fixed incomes, or those making less than $50,000 a year, will be charged $10 more per month.
NYC City Councilman Daniel Garodnick is pushing for a freeze on rent, which would come into effect Feb. 28.
The city already has set rent for renters at $2,842 per month, up from $1,955 in the year that began Feb. 1.
Garodnik said he’s proposing a rent freeze on the citywide basis to help offset rising costs of living.
He said New Yorkers who are making less can take advantage of the city government’s new rent reduction tax credit to save for a down payment on a new home.
The move comes amid a national debate over how to deal with rising costs for renters.
The Federal Reserve has estimated the cost of living for a family of four in New York could rise by 10% in 2019, according to the Washington Post.
In New York, the median rent for a two-bedroom apartment rose to $1.847 in the fourth quarter of 2019, the Post reported.
In some neighborhoods, the average rent rose by more than 50% in that time period.
Garodnick’s freeze on rents will start Jan. 1, 2020, and continue until March 1, 2021.
Rent controls were instituted in New England in 2011 to protect renters from rent increases.
They were adopted by New York City in the wake of a devastating Superstorm Sandy.
They have been enforced nationwide, with the biggest increase in rents being in San Francisco and Los Angeles.
There are about 1.2 million households in New Jersey and more than 1.4 million households nationally, according the National Low Income Housing Coalition.