NEW YORK — New York City’s Rent Guidelines Board has approved a freeze on rent increases for nearly one million rent-stabilized apartments, a decision that will prevent landlords from raising rents on eligible one- and two-year lease renewals beginning in October, delivering a major policy victory for Mayor Zohran Mamdani.
The board voted 7-1 to set rent adjustments at zero percent for leases beginning between Oct. 1, 2026, and Sept. 30, 2027, according to the city’s Rent Guidelines Board. The measure applies to about one million regulated apartments across New York City, which are home to millions of residents.
The decision fulfills a central housing campaign promise made by Mamdani, who had pledged to halt rent increases for rent-stabilized tenants. In a statement following the vote, Mamdani called the action a victory for tenants and said it would provide relief for working New Yorkers.
The Rent Guidelines Board, a nine-member panel responsible for setting annual rent adjustments for rent-stabilized apartments, considered economic data, public testimony and reports on building costs before approving the freeze. The board said its process includes reviewing factors such as operating expenses, financing costs and conditions affecting the city’s regulated housing market.
Tenant advocates supported the freeze, arguing that many renters have faced continued affordability pressures as housing costs have increased. Supporters said keeping regulated rents unchanged would help residents remain in their homes.
Landlord groups opposed the measure, arguing that a zero percent increase could make it more difficult for property owners to cover rising expenses, maintain buildings and invest in repairs. Critics also questioned whether the board’s composition, after Mamdani appointed several members, affected the outcome of the vote.
The freeze applies to rent-stabilized apartments and does not directly cover market-rate units. It also does not prevent all future rent increases, including certain increases allowed under existing regulations, such as those tied to apartment vacancies or approved improvements.
New York City’s rent-stabilized housing system covers approximately one million apartments and is overseen through annual decisions by the Rent Guidelines Board. The board’s latest approved guidelines are scheduled to take effect for leases starting in October 2026.
