The city Rent Guidelines Board on Thursday voted 7-1 to freeze the rent on one- and two-year leases on rent stabilized apartments.
Tenant advocacy groups have been vocal about freezing rents on the nearly 1 million rent stabilized apartments for many years, and the issue is also a major policy priority for Mayor Zohran Mamdani.
“This is a historic victory for New York City tenants," the mayor said in a statement after the vote. "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."
Advocates said the board's vote will give relief to nearly 2.4 million rent-stabilized tenants.
"Tenants are facing multiple crises, while landlords have seen their operating incomes and profits rise for years," said NYS Tenant Bloc Executive Director Sumathy Kumar. "Today, the RGB has ensured rent stabilization works for its true purpose: to keep New York affordable and keep New Yorkers in New York. This is a lesson to every tenant in our city and across the state that when tenants fight together, we can win.”
There was some drama leading up to the vote, however, when Christina Smyth, a landlord representative on the board appointed by former Mayor Eric Adams stepped down before the meeting because it had “stopped being a fact-finding body” as it looked to enact Mamdani’s signature freeze, according to the New York Daily News.
Landlord advocacy groups said the rent freeze will force building owners to make hard choices on maintaining the units.
“Our message is clear: this freeze will destroy the living conditions for hundreds of thousands of New Yorkers," said New York Apartment Association CEO Kenny Burgos. "This was supported with study after study, including RGB data finding rent needed to increase just to run a building. NYCHA, a shelter, a co-op, or a rent stabilized building cannot exist without funding yet here we are, left to watch housing stability and quality malaise, with no plan to save it. I urge policymakers to act expeditiously before this bubble bursts."
