Key facts
- New York City's Rent Guidelines Board voted to freeze rents for about 1 million regulated apartments.
- The rent freeze applies to both one-year and two-year leases, setting increases at zero starting October.
- Mayor Zohran Mamdani, who appointed six of the nine board members, called the decision a historic victory for tenants.
- A landlord representative resigned hours before the vote, accusing the board of lacking independence and having a predetermined outcome.
- Landlord groups contend the freeze will hinder building maintenance and financial stability for property owners.
New York City's Rent Guidelines Board has voted to freeze rents for approximately one million regulated apartments for up to two years, a move that fulfills a central campaign promise of Mayor Zohran Mamdani. The 7-1 vote means rents will not increase on one-year or two-year leases starting in October.
Mamdani, who has advocated for making the city more affordable, appointed six of the board's nine members since taking office in January. He hailed the decision as a historic victory for tenants, stating that working people across the city deserve this relief.
However, the decision was not without controversy. Hours before the vote, Christina Smyth, one of two landlord representatives on the board and an appointee of Mamdani's predecessor, resigned. Smyth accused the board of lacking independence and having a predetermined outcome, stating the rebuilt board was required to deliver a rent freeze. Board Chair Chantella Mitchell, a Mamdani appointee, defended the board's members and staff, affirming their independence and integrity.
Landlord groups have argued that a rent freeze will make it more difficult for property owners to maintain their buildings and cover their mortgages. They contend that rising costs and inflation already strain their finances. Tenants, meanwhile, had demanded a freeze, citing incomes that have not kept pace with inflation and soaring bills. The average monthly rent for a regulated apartment is $1,599, significantly lower than the median rent of $3,950 for newly leased apartments in the city.