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New York City has approved a rent freeze for nearly one million rent-stabilized apartments, marking one of the first major housing policy decisions under Mayor Zohran Mamdani's administration. The move, which applies to one-year and two-year leases beginning in October, follows a vote by the city's Rent Guidelines Board. While tenant groups welcomed the decision as much-needed relief amid rising living costs, landlord representatives argued it could make building maintenance and mortgage payments more difficult. The decision fulfills one of Mamdani's key election promises to improve housing affordability across the city.
New York City has approved a freeze on rents for about one million rent-stabilized apartments after the city's Rent Guidelines Board voted 7-1 in favour of keeping rent increases at zero for both one-year and two-year lease renewals starting in October. The decision delivers on one of Mayor Zohran Mamdani's key campaign promises just months after he assumed office in January.
The rent freeze will benefit residents living in rent-stabilized housing, which accounts for roughly one-quarter of New York City's population. Hundreds of tenants gathered at a public venue in Manhattan welcomed the board's decision, celebrating after the outcome was announced.
Mayor Mamdani said the decision represented an important step towards providing financial relief to working residents across the city. Housing affordability has remained one of the central issues of his administration, with the mayor promising policies aimed at reducing the cost of living for New Yorkers.
The Rent Guidelines Board determines annual rent adjustments for regulated apartments after reviewing several economic factors, including inflation, wage growth, maintenance expenses, property taxes and landlords' operating income. According to the board's 2025 study, the average monthly rent for a regulated apartment stood at USD 1,599, significantly lower than the median rent of USD 3,950 for newly leased market-rate apartments, based on data from property listings platform StreetEasy.
Since taking office, Mamdani has appointed six of the board's nine members, replacing several members whose terms had expired. His appointments reflected his commitment to tenant-friendly housing policies, a major issue during his election campaign.
The vote was preceded by controversy after Christina Smyth, one of the board's landlord representatives appointed by the previous administration, resigned just hours before the meeting. She alleged that the board's outcome had effectively been decided in advance and argued that the body was no longer operating in an unbiased manner. According to Smyth, the reconstituted board had been expected to deliver a rent freeze from the outset.
Responding to the criticism, Board Chair Chantella Mitchell maintained that both board members and staff carried out their responsibilities independently and with integrity.
The board's remaining landlord representative, Maksim Wynn, addressed the audience before the vote and was initially met with criticism from tenants attending the meeting. However, the atmosphere changed after he ultimately voted in favour of the rent freeze alongside the majority of board members.
Tenant organisations had consistently called for either a rent freeze or rent reduction during the board's public hearings, arguing that household incomes had failed to keep pace with inflation and increasing living expenses. Similar rent freezes for one-year lease renewals had previously been approved three times during former Mayor Bill de Blasio's administration between 2015 and 2021.
Landlord groups strongly opposed the decision, stating that freezing rents would make it increasingly difficult for property owners to maintain buildings, manage operating costs and meet mortgage obligations. They also argued that owners of rent-stabilized properties often compensate by increasing rents on unregulated market-rate apartments to offset financial pressures.
Before becoming mayor, Mamdani himself lived in a rent-regulated one-bedroom apartment in Queens with a monthly rent of around USD 2,300. Following his election, he moved into the mayor's official five-bedroom residence in Manhattan.
The rent freeze marks one of the earliest and most significant housing policy decisions under Mamdani's administration and comes amid ongoing debates over balancing tenant protection with the financial sustainability of rent-stabilized housing across New York City.
Source Reuters
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