"This is the first time the board has approved a freeze for two-year leases."
In a 7-1 vote on Thursday, the New York City Rent Guidelines Board (RGB) approved a rent freeze for approximately one million rent-stabilized apartments. The policy applies to both one-year and two-year leases commencing between October 1, 2026, and September 30, 2027.
Board Vote and Membership
The vote was 7-1 in favor of the freeze. Mayor Zohran Mamdani appointed six of the nine board members. Mayor Mamdani stated that the board was independent and that members would decide on their own. Chantella Mitchell, chair of the board, stated that members acted with independence and integrity, and that data showed most tenants in rent-stabilized housing struggle to meet basic affordability thresholds.
Resignation of Board Member
Board member Christina Smyth, who was appointed by former Mayor Eric Adams, resigned hours before the vote.
In her resignation statement, she said the board "has stopped being a fact-finding body" and that the outcome was predetermined by the mayor's campaign promise. Smyth also accused the panel of bias and of disregarding evidence that landlords face rising operating costs.
Reactions
Tenant advocates expressed support for the decision. Lex Rountree stated that the city is no longer "a playground for the rich." K Agbebiyi of Tenant Bloc said the vote represents a new era of tenant power. Tenant groups argued that incomes have not kept pace with inflation and that past rent increases did not lead to building repairs.
"The city is no longer a playground for the rich." — Lex Rountree
Landlord groups criticized the decision. Humberto Lopes said it would force him to cut back and lay off staff. James Whelan of the Real Estate Board of New York stated the freeze would worsen the housing crisis. Kenny Burgos of the New York Apartment Association said it would "destroy the living conditions" for residents. Landlord groups warned that the freeze would make it harder to cover rising taxes, utilities, and repairs, potentially accelerating deterioration of housing stock.
"This freeze will destroy the living conditions for residents." — Kenny Burgos
Mayor Zohran Mamdani stated that the decision fulfills a campaign promise and provides relief to working people. He noted that landlords can manage the freeze. During his campaign, Mayor Mamdani made the rent freeze a core pledge and vowed to replace appointees from the previous administration.
Context
The Rent Guidelines Board is mandated to set rent adjustments for rent-stabilized dwelling units in New York City. This is the first time the board has approved a freeze for two-year leases. The freeze is similar to policies implemented under former Mayor Bill de Blasio between 2015 and 2021, though those applied only to one-year leases. Under the previous administration, landlords received 12% rent increases while net operating incomes rose by 30%.