More than 1 million New Yorkers living in rent-stabilized apartments will see no increase in their rent for the next two years after the Rent Guidelines Board approved a historic rent freeze Thursday night. But landlords warn this could lead to forced maintenance cuts.<\/p>\n
The board voted overwhelmingly to freeze rents on both one- and two-year lease renewals, marking the first time two-year leases have received a rent freeze. Mayor Zohran Mamdani called the decision a historic victory for working New Yorkers.<\/p>\n
Supporters erupted in celebration following the vote, saying the freeze will provide much-needed financial relief as many families continue to struggle with the high cost of living.<\/p>\n
“It means everything. It means that our voices were heard, finally,” said Bronx stabilized renter Ann Maytin. “Maybe I can afford to make my bills meet at the end of the month.”<\/p>\n
But the decision drew sharp criticism from many small property owners, who say the freeze will make it even more difficult to cover rising operating and maintenance costs.<\/p>\n
“We have to lay off someone, the supers. It’s the only choice,” said Humberto Lopes, of Gotham Housing Alliance. “It’s a business. People don’t get it. It’s a business, it’s not a choice that you think this is for free.”<\/p>\n
Earlier in the day, in a bombshell decision, landlord representative and Adam’s administration appointee Christina Smyth resigned from the Rent Guidelines Board<\/a>, criticizing what she described as a process that was no longer a \u201cfact-finding body.\u201d<\/p>\n In a LinkedIn post, Smyth pointed to financial data showing that while net operating income for rent-stabilized buildings increased just over 6% citywide, it declined by as much as 13% in several Bronx neighborhoods.<\/p>\n “The money that the building is generating in rent is not sufficient to pay the expenses that are coming due,” said Sophia Hepheastou, a building owner in one of the four Bronx neighborhoods taking a hit. \u201cThose expenses are expensive. That we have no control over.”<\/p>\n The board\u2019s only \u201cno\u201d vote came from a public representative. The one remaining landlord representative, Maksim Wynn, who is one of six board members appointed by Mamdani<\/a>, voted in favor of the freeze but cautioned that the city must find ways to reduce operating costs for building owners.<\/p>\n Landlords fear that without the city’s help to reduce costs, building maintenance will take a hit, leading to poorer living conditions for tenants and not enough funds to renovate destressed vacate apartments<\/a>.<\/p>\n