NEW YORK CITY (PIX11) – A rent freeze is officially on the table for New York City’s one million rent-stabilized tenants.
On Thursday, the nine-member Rent Guidelines Board issued its preliminary vote on rent increases, setting a range of possible hikes between 0% and 2% for one-year leases, and 0% to 4% for two-year leases.
A rent freeze was one of Mamdani’s three key promises on the campaign trail, but he doesn’t have any actual say in whether it happens. The Rent Guidelines Board has sole authority, though Mamdani made six new appointments in February.
Over the past few months, the board has considered data on tenant and landlord costs, building conditions, and inflation.
On the tenant side, the city found that 81% of tenants making under $50,000 were “rent burdened” in 2023, meaning they spent more than 30% of their income on rent. Homelessness and reliance on cash assistance both increased.
Average inflation-adjusted incomes increased slightly in 2025, though the board noted that New York City’s lowest earners have seen their incomes decrease by 8.3% from 2006 to 2024.
On the landlord side, the board found that costs have increased across the board, including a massive spike in fuel costs, real estate taxes and insurance. The board found that, on average, rent-stabilized landlord profits increased for a third year, though the reality is much bleaker for landlords with fewer market-rate units in their buildings.
The Small Property Owners of New York came out strongly against the board’s decision, and accused the board of “succumbing to City Hall’s political pressure”. The group made it clear there will be “legal implications” for the board.
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”[This decision] ignores the severe economic realities of mom-and-pop, generational, immigrant small property owners whose capped rent streams make it impossible to keep pace with skyrocketing property tax, insurance, utility, repair, and all other operating costs,” said Ann Korchak, board president of SPONY.
Hundreds of people lined up outside LaGuardia Community College for Thursday’s board meeting, playing music and chanting for a rent freeze — and a rent rollback.
One tenant in line, 24-year-old Emely Rodriguez was born and raised in Williamsburg and has seen her neighborhood change, she said.
“My father used to have a business in Bushwick as well. That was also displaced,” she said. “I love New York.”
Bibiana Mancero, who lives in East New York, said a rent freeze would help her one day buy her apartment.
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“The city is home to me,” Mancero. “I don’t foresee myself going to no Wisconsin or anything of the sort.”
The last rent freeze in New York City was on leases starting in October 2020. One-year leases had 0% increases and two-year leases saw a 1% hike in the second year only. These figures did not change between the preliminary and final votes.
But since then, there have been increases for rent-stabilized units. Last year, the board proposed rent increases between 1.75% and 4.75% for one-year leases, and ultimately landed on a 3% increase.
Emily Rahhal is a digital reporter who has covered New York City since 2023 after reporting in Los Angeles for years. She joined PIX11 in 2024. See more of her work here and follow her on Twitter here.
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