In an immediate sense, this decision will be even more impactful than the de Blasio administration's ambitious housing plan. The zero percent increase will help fight the displacement that's happening every day across New York City and will keep the fabric of the city's neighborhoods intact.
One of the criticism's of the Obama administration has been, that despite a more robust job market, wages have remained relatively stagnant. So while many more across the country have attained some form of employment, the rising costs of living are still making the writing of the monthly rent check an anxiety-riddled exercise.
Overall, maybe 10 years from now, the building of new affordable housing and infrastructure and capital investments will be a definite benefit to neighborhoods like East New York – the first to introduce a comprehensive rezone for affordable housing – but it won't matter if the neighborhood is carved apart before the housing is built.
Another zero percent increase in one-year rent-stabilized leases will do wonders to help prevent that.
Now the city needs to continue its crack down on illegal housing practices. For some of the more unsavory landlords in the city, this is just another excuse to hire one of those tenant quick-eviction companies that make conditions unlivable in rent-stabilized housing situations.
Fortunately, tenant harassment issues are coming more to the forefront, but there's still ways that unscrupulous landlords and owners are getting around the new laws. Enforcement and actually having city agents on the street will be key.
But for now, working-class folks and seniors who depend on their rent not skyrocketing when a new condo complex pops-up next-door, finally have a victory they can celebrate.