New York City council suspends rent for 2 million tenants for a year amid economy struggles caused by pandemic. With a vote of 6 to 3, the Rent Guidelines Board approved a measure that suspends rents on one-year leases and imposed something similar for two-year leases that are within their initial year on the lease. This does, however, give the landlords the green light to raise rent 1% in the second year. If the tenants were granted their proposal of rent suspended for 2 years, that would allow landlords to raise rent 2% on one-year leases and 5% on two-year leases, but this was voted down.
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