Ken Livingstone has announced that Londoners will not have to pay the rising costs for hosting the 2012 Olympic Games.
London won the bid in July 2005
The London Mayor announced he was freezing the Olympic element of the council tax precept at 38p a week for the average council tax payer.
Londoners are expected to contribute £625m to the cost of the games.
Culture Secretary Tessa Jowell has admitted the cost of the Olympic park had increased by £900m to £3.3bn.
"Today is the first instalment of the guarantee that we will keep to our commitments on the council tax," said Mr Livingstone.
"Next year there will be no increase in the 38 pence payment and my commitment is that it will remain the same the year after that and in every succeeding year."
Despite controversy over the costs, public support for the event is at its highest since London was awarded the Games in July 2005, according to a poll.
Market research commissioned by London 2012 organisers shows 79% of the public supported the Games taking place in the capital in 2012 - a 4% rise on September 2005.
The research was conducted earlier this month and came after Ms Jowell's announcement about rising costs.