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🇺🇸 ECONOMY: Historic freeze on rent for one million apartments in New York 🏢🗽

In an unprecedented political victory for the housing sector, New York Mayor Zohran Mamdani managed to freeze the rent prices of more than a million apartments with rent control in the largest metropolis in the United States 🏛️.

The City Rent Guidelines Board (Rent Guidelines Board) gave the green light to one of the flagship proposals from his administration, setting a 0% increase (No Increase) on all regulated lease contracts for the upcoming renewal cycle.

Under the banner of easing the high cost of living for New York’s working class, the measure aims to curb gentrification and prevent mass evictions in a highly inflationary real estate market 📈.

While tenants’ unions and social movements hailed the ruling as a historic milestone against the giants of Wall Street, associations of landlords and real estate investors warned that this freeze will make building maintenance harder and discourage the development of new residential infrastructure.

🏢 Companies and Related Sectors:
Real Estate Investment Trusts (REITs): Big players in Wall Street monitor the impact on real estate returns.
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