New York City Mayor Zohran Mamdani is expected to announce on Tuesday that some distressed landlords will be exempt from his proposed rent freeze, according to a report by The Wall Street Journal.<\/p>\n
The report<\/a> said eligible owners of certain rent-stabilized apartments would be allowed to impose a one-time rent increase on vacant units, even if a broader rent freeze is approved later this year.<\/p>\n The increases would reportedly be decided on a case-by-case basis and could amount to hundreds of dollars per month for some units.<\/p>\n The exemption would apply to landlords of certain city-financed and city-regulated affordable housing units, many of whom have argued that rising costs and debt burdens have made the proposed rent freeze financially difficult.<\/p>\n “The reality is, they will all remain affordable,” Dina Levy, commissioner of the city’s Housing Preservation and Development Department, told The Wall Street Journal.<\/p>\n The report said roughly 300,000 apartments financed through city housing agencies could potentially qualify for the program.<\/p>\n Mamdani\u2019s office did not immediately respond to Benzinga<\/a>\u2018s request for comment. <\/p>\n Housing Push<\/p>\n The broader plan also includes easier access to financing for property improvements, tax exemptions, housing-code compliance support and a proposed $5 million loan program aimed at helping landlords recover unpaid rent and avoid evictions.<\/p>\n Mamdani campaigned heavily on affordability and previously pledged to freeze rents on roughly one million rent-regulated apartments across New York City.<\/p>\n That proposal has drawn criticism from some landlords and investors, who argue that rising insurance, utility and financing costs are already pressuring building owners.<\/p>\n Earlier this month, billionaire investor Ken Griffin criticized Mamdani’s broader tax policies and warned New York was becoming less welcoming to businesses <\/a>and wealthy investors.<\/p>\n In February, Mamdani proposed a possible 9.5% property tax increase as a “last resort” <\/a>option to help close New York City’s budget gap if broader wealth-tax efforts stalled.<\/p>\n Disclaimer:\u00a0This content was produced with the help of AI tools and was reviewed and published by Benzinga editors.<\/p>\n Image via Shutterstock<\/p>\n