Key facts
- New York City's Rent Guidelines Board voted to freeze rents.
- The rent freeze applies to approximately 1 million regulated apartments.
- The freeze is set for a period of up to two years.
- The decision was a campaign promise of Mayor Zohran Mamdani.
- Tenant advocates celebrated the decision.
- Landlord representatives criticized the decision.
New York City's Rent Guidelines Board has approved a rent freeze for approximately 1 million apartments under rent regulation. The board voted to freeze rents for a period of up to two years. This action fulfills a significant campaign promise made by Mayor Zohran Mamdani. The decision was met with applause and cheers from tenant groups who have been advocating for such measures. Conversely, landlord representatives expressed their disapproval of the rent freeze, citing potential negative impacts on property owners. The freeze is intended to offer financial relief to a substantial portion of the city's renters amidst concerns about escalating housing costs and affordability.