A New York City panel voted on Thursday to approve Mayor Zohran Mamdani's proposal to freeze rent for nearly 1 million rent-stabilized apartments, which represents over 40% of all apartments in the city. The Rent Guidelines Board passed the proposal with a 7-1 vote, which will halt rent increases on both one-year and two-year leases, effective for new leases beginning between October 1, 2026, and September 30, 2027.
Mamdani described the decision as a significant achievement for tenants, stating, "This is a historic victory for New York City tenants." He emphasized the importance of the board's decision in providing financial stability for tenants while also acknowledging the challenges it may pose for landlords in maintaining their properties.
The board, which operates independently from the mayor's office, consists of nine members, six of whom were appointed by Mamdani. The chairwoman, Chantella Mitchell, supported the rent freeze, while the only opposing vote came from public representative Arpit Gupta, appointed by former Mayor Eric Adams. Additionally, landlord representative Christina Smyth resigned in protest before the vote, claiming the outcome was predetermined.
Landlord advocacy groups, including the Real Estate Board of New York, criticized the rent freeze, arguing it could exacerbate the housing crisis by reducing funds available for maintenance and repairs. REBNY President James Whelan stated, "Tonight’s vote may be politically popular, but it will make New York’s housing crisis worse."
The Rent Guidelines Board has previously voted to freeze rent on one-year leases in 2015, 2016, 2020, and early 2021, but this marks the first time a freeze has been applied to two-year leases. Mamdani recently celebrated victories for candidates he endorsed in congressional primaries, which he interpreted as a shift away from traditional politics towards more progressive representation.