A rent freeze tastes pretty sweet
NYC froze stabilized one- and two-year renewals — the first 2-year freeze in city history. What rental investors should know and how to hedge exposure.
Want the full breakdown with underwriting details, FAQs, and next steps? Read NYC Rent Freeze: How Investors Hedge RGB Policy Risk.
Video transcript
Lightly edited for clarity.
I wanted to come and bring everybody a happy rent freeze cake. I know it's not yet 9:00 — it might be a little early for cake. We don't care. Happy rent freeze. Happy rent freeze. Really? You don't know what that means. That's right, especially when you're on a stick. So, you know, I was getting out of bed to see you this morning. Anyone would like this?
I am so glad to celebrate this morning with all of you, because at the heart of this are tenants, and you all have helped to build this city. You've given stability to this city. It's time the city brings some stability to you, and we're so excited that the rent guidelines board decided to freeze the rent not just for one year, but for the first time in New York City history, for two years. What people are calling impossible — but you are showing that in the word impossible is "I'm possible." That's what this is about.
I've lived here since 2017. It just keeps on getting more expensive, and our landlords are not coming through. So we need pressure. And we look at each other every day, we say, "Come on, Mamdani, help us out." And so, he's here. It was amazing to see him in the building with us.
I cannot tell you what this means to senior citizens. We're on a fixed income. The prices of everything have gone up. I was really very nervous because I was just signing a new lease, and I couldn't believe that this is like a dream come true. And for him to come to the building where the people are — the real people who need the help in New York City — you don't know how meaningful this is.