Mamdani’s Promised Rent Freeze Approved in New York: What to Know

New York City Rent Guidelines Board Votes 7-1 to Freeze Rents on Stabilized Units

The New York City Rent Guidelines Board approved a rent freeze for one-year and two-year leases on approximately 1 million rent-stabilized apartments on June 25, 2026. The 7-1 decision covers units that represent about 27 percent of the city’s total housing stock and takes effect October 1, 2026, through September 30, 2027.

Mayor Zohran Mamdani, who had campaigned on limiting rent increases in stabilized housing, described the outcome as a “historic victory” for tenants. The board consists of nine mayoral appointees with required backgrounds in economics, finance, or housing. One landlord representative resigned hours before the vote, stating that the result had been predetermined.

The vacancy rate for rental housing stood at 1.41 percent in 2023, according to city data. Rent-stabilized apartments are primarily located in buildings constructed before 1974 that contain six or more units. Tenants in these units hold the right to lease renewal, and annual increases are capped by board guidelines. Roughly 2 million residents live in such housing. The 2023 New York City Housing and Vacancy Survey found higher shares of low-income households and people of color in stabilized units compared with market-rate housing.

Median rent in stabilized apartments was approximately $1,600 in a May 2026 estimate from the city’s Independent Budget Office. Market-rate rents exceeded $4,000 in high-demand neighborhoods, according to industry reports. The board’s 2026 Income and Affordability Survey indicated that more than half of city renters spend at least 30 percent of income on rent, with nearly 30 percent spending 50 percent or more. A fall 2025 survey by the Community Service Society found that more than one in four rent-stabilized tenants reported owing back rent.

Under former Mayor Eric Adams, the board approved increases of 3 percent for one-year leases and 4.5 percent for two-year leases in 2025. The Community Service Society reported that cumulative stabilized rent increases during Adams’ term reached 12.6 percent, exceeding those recorded under former Mayor Bill de Blasio and the final term of former Mayor Michael Bloomberg.

The Rent Guidelines Board was established in 1969 after rapid rent increases in postwar buildings coincided with a sharp drop in vacancy rates. The board sets maximum percentage increases for stabilized units each year. Its members serve staggered terms of two to four years.

On the morning of the vote, landlord representative Christina Smyth resigned. Smyth, reappointed by Adams in December 2025, stated on LinkedIn that the 2026 order “was decided last year on the campaign trail” and that recent appointments required delivery of a freeze despite board research indicating effects on owners. Board chair Chantella Mitchell stated that the board operates independently. Mamdani told News 12 that he anticipated the board’s independent decision.

Rent freezes have occurred previously. In 2015, under de Blasio, the board froze one-year lease rents—the first such action since the board’s creation—followed by freezes in 2016, 2020, and the first half of 2021. The board’s 2026 research showed landlord operating costs rose 5.3 percent over the prior year.

Ann Korchak, president of the Small Property Owners of New York, stated that the vote should have been postponed until Smyth’s replacement was seated. The remaining landlord representative, Maksim Wynn, appointed by Mamdani, voted for the freeze. James Whelan, president of the Real Estate Board of New York, said the board “ignored its own data” and that older stabilized buildings face rising costs, with the decision likely to reduce maintenance spending.

The measure applies only to rent-stabilized units and does not affect market-rate apartments. Legal challenges have been referenced by some landlord representatives following the resignation, though no filings were detailed at the time of the vote.