Photo: TOBIAS SCHWARZ / AFP / Getty Images
For the first time in its history, New York City's Rent Guidelines Board voted to freeze rents for both one-year and two-year leases for the city's one million rent-regulated apartments. The decision, made on Thursday, fulfills a campaign promise by Mayor Zohran Mamdani. The board, which Mamdani significantly influenced by appointing six of its nine members, voted seven-to-one in favor of the freeze.
The freeze applies to apartments in buildings with six or more units built before 1974 and those in newer buildings receiving certain tax breaks or government subsidies. The new guidelines will affect leases starting between October 1, 2026, and September 30, 2027. Tenants celebrated the decision, viewing it as a victory for working people in New York City. "This is no longer just a city that's a playground for the rich," tenant Lex Rountree said at the meeting, as reported by ABC7NY.
However, landlords expressed concerns about the freeze, arguing it would make it difficult to cover rising costs such as fuel, oil, and insurance. Christina Smyth, a board member representing landlords, resigned hours before the vote, claiming the board had ceased to be a fact-finding body. Her resignation raised the possibility of legal challenges to the decision, as noted by Gothamist.
Despite the controversy, Mayor Mamdani insisted that the board's decision was independent and based on a thorough review of financial data and public testimony. "This is a historic victory for New York City tenants," Mamdani stated, as reported by 6sqft. The freeze aims to address the city's affordability crisis, which has seen rents and landlord profits rise significantly in recent years.
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