NYC Rent Guidelines Board freezes rents for regulated apartments

NYC Rent Guidelines Board freezes rents for regulated apartments

New York City's Rent Guidelines Board (RGB) voted 7-1 on Thursday, June 26, 2026, to freeze rents for one-year and two-year leases across the city's rent-stabilized apartments. The decision impacts approximately 1 million apartments, representing about 27% of the overall housing stock in the five boroughs.

The freeze will be in effect from Oct. 1, 2026, through Sept. 30, 2027. While the board has frozen one-year leases three times previously between 2015 and 2021 under former Mayor Bill de Blasio, this is the first time in the board's history that a freeze has been applied to two-year leases.

The vote fulfills a central campaign pledge by Mayor Zohran Mamdani, a democratic socialist who took office this year. To achieve this goal, Mamdani appointed six members of the nine-person board in February. In a video from January 2025, Mamdani stated he would replace appointees from the previous administration, promising he would be only appointing those who understand that landlords are doing just fine.

"This is a historic victory for New York City tenants. After reviewing the data and hearing from New Yorkers across the city, the independent RGB has delivered a freeze on one-year leases, and the first-ever freeze on two- year leases in our city's history. This is the relief that working people across our city deserve,"

Zohran Mamdani, Mayor, via statement

Board resignation and controversy

The vote was preceded by the abrupt resignation of Christina Smyth, an owner representative appointed by former Mayor Eric Adams. In a letter posted to LinkedIn on Thursday morning, Smyth claimed the board's process had become theater and that the outcome was predetermined by the mayor.

Smyth accused the panel of knowingly disregarding its own evidence regarding the rising costs faced by landlords. She argued that the rebuilt board was required to deliver a rent freeze and stated she could not validate a process she believed was completely unjust.

Board Chair Chantella Mitchell defended the panel's integrity and independence. Mitchell stated that comprehensive data showed most tenants in rent-stabilized housing struggle with basic affordability as costs rise. Despite the resignation, Mitchell confirmed the board maintained a quorum for the vote.

The final tally of 7-1 saw the lone dissenting vote come from Arpit Gupta, a public representative reappointed from the Adams administration. Notably, Maksim Wynn, a Mamdani-appointed owner representative, voted in favor of the freeze after a speech that was met with jeering from the crowd at El Museo del Barrio in East Harlem.

Economic divide and industry backlash

Tenants and advocacy groups hailed the decision as a lifeline. The Legal Aid Society noted that the freeze provides stability for low-income and working-class tenants following four consecutive years of rent increases under the previous administration. Under Mayor Adams, landlords received 12% rent increases while net operating incomes rose by 30%.

Data cited by the RGB this year indicated landlord costs rose by 5.3% in the past year. Landlords argued that freezes would hinder their ability to maintain aging buildings, citing rising costs for insurance, fuel, and oil.

"Tonight's vote may be politically popular, but it will make New York's housing crisis worse,"

James Whelan, president of the Real Estate Board of New York (REBNY), via statement

Whelan further claimed the decision would accelerate the deterioration of housing stock by reducing investment in repairs. Landlord Humberto Lopes warned that his only choice as a business owner would be to cut back and lay off staff, including supers.

Ann Korchak, president of the Small Property Owners of New York, called the vote an absolute farce and argued it should have been postponed until Smyth's seat was filled. She claimed the decision was an egregious violation of the board's legal mandate to set adjustments based on research rather than political influence.

Broader political and housing context

The victory occurs as Mayor Mamdani expands his political influence. On Wednesday, three left-wing congressional candidates endorsed by the mayor won their primaries, including New York City Comptroller Brad Lander and community activist Darializa Avila Chevalier.

The housing market remains extremely tight, with a net rental vacancy rate of 1.41% in 2023. Rent-stabilized units, typically in buildings with six or more units built before 1974, serve a population that is disproportionately poor and composed of people of color. A May report from the Independent Budget Office estimated the median rent for stabilized housing at approximately $1,600, compared to market-rate rents exceeding $4,000 in high-demand areas.

In addition to the residential rent freeze, the board approved a hotel order setting 0% increases for covered hotel categories.