New York City's Rent Guidelines Board voted 7-1 Thursday night to freeze rents on approximately 1 million rent-stabilized apartments — the first two-year rent freeze in the board's history — delivering on one of Mayor Zohran Mamdani's central campaign promises just months into his term.

What the Vote Does

Beginning Oct. 1, 2026, landlords of rent-stabilized apartments will not be allowed to increase rents when tenants sign new one-year or two-year lease renewals. The approved increase is 0% for both lease lengths.

The freeze applies only to leases that begin on or after Oct. 1. If a tenant recently renewed their lease or their renewal starts before then, the vote does not change their current rent.

The freeze covers roughly 1 million rent-stabilized apartments — about 40% of the city's rental housing and home to around 2 million New Yorkers. Most rent-stabilized units are in buildings with six or more apartments built before 1974, although newer buildings can also qualify through certain tax incentive programs. Market-rate apartments, rent-controlled units and most condos and co-ops are not affected.

There are no income limits that determine who can live in rent-stabilized units, and it is not uncommon for higher-income people to live in such apartments, which has drawn criticism.

How It Happened

Mamdani appointed a majority of the board's nine members a little over a month into his term, naming six members in February — including a new chair, Chantella Mitchell — and signaling a clear focus on delivering the freeze.

The vote did not go entirely smoothly. Hours before the decision, a board member representing landlords resigned, accusing the body of not following its obligations under the law to be unbiased. Christina Smyth, an appointee of Mamdani's predecessor Eric Adams, said in a LinkedIn statement that the board was "required to deliver a rent freeze" regardless of its own data. The other landlord representative on the board, Mamdani appointee Maksim Wynn, was booed by tenants as he read a lengthy statement before the vote — but the crowd's anger turned to delight when he wrapped up several minutes later and voted in favor of the freeze.

Hundreds of tenants packed the theater at El Museo del Barrio in East Harlem for the vote. "This is no longer just a city that's a playground for the rich," said tenant Lex Rountree. "This is a city for the working people making it run."

Mamdani called the decision "a historic victory for New York City tenants."

The Data Behind the Decision

Tenant advocates and board researchers pointed to financial data supporting the freeze. Net operating incomes for rent-stabilized apartments rose 6% over the past year, following increases of 12% and 10% in the two prior years — a compound increase of more than 30% over three years. Meanwhile, according to the RGB's 2026 Income and Affordability Survey, more than half of renters in New York City spend at least 30% of their income on rent, including nearly 30% who spend at least half.

In a fall 2025 survey conducted by the Community Service Society, more than 1-in-4 rent-stabilized tenants reported owing back rent.

What Landlords Are Saying

Real estate groups pushed back sharply. "This will only result in more dilapidated housing and potentially more foreclosures and bankruptcies, which the city is wholly unprepared for," said Kenny Burgos, CEO of the New York Apartment Association. The Real Estate Board of New York's president, James Whelan, said the board "ignored its own data and made a terrible decision."

Some landlords, from small building owners to large private equity investors, say they are forced to hike rents on unregulated market-rate apartments to recoup losses on their rent-stabilized units. A legal challenge to the board's vote is expected.

What Comes Next

The board will vote again next year to determine rent levels for the following lease cycle. Mamdani has pledged four consecutive freezes during his first term, which would effectively lock rent-stabilized rents at current levels through 2030.

The rent freeze vote capped a strong week for the mayor politically. It came just two days after three congressional candidates he endorsed won their races in stunning fashion, unseating two Democratic incumbents and bucking the party establishment.

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