New York board freezes rent on about 1 million stabilized apartments
New York City’s Rent Guidelines Board voted 7-1 to freeze rents on about 1 million rent-stabilized apartments, applying to new one- and two-year leases that begin between October 1, 2026, and September 30, 2027. It is the first time the board has approved a freeze on two-year leases; three earlier one-year freezes all came under former Mayor Bill de Blasio.
The decision delivers on a central campaign promise from Mayor Zohran Mamdani, who appointed six of the board’s nine members. The freeze covers stabilized units in pre-1974 buildings with six or more apartments, along with some buildings receiving tax breaks or subsidies.
Landlord representatives objected that the outcome was effectively predetermined by the new appointments; one board member representing owners resigned the morning of the vote. Property owners argue that holding rents flat while taxes, insurance, and maintenance costs rise will squeeze building finances and discourage upkeep — the mechanism by which a freeze popular with tenants can, over time, strain the stabilized housing stock it is meant to protect.