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A group of six New York City property owners is challenging New York City Mayor\u00a0Zohran Kwame Mamdani’s rent freeze in court, questioning the process used by the city’s Rent Guidelines Board to approve the policy.<\/p>\n
Kenny Burgos, CEO of the New York Apartment Association, told Fox Business on Thursday that his organization, which represents thousands of rent-stabilized landlords, is not a party to the lawsuit but believes the case raises questions about how the board reached its decision.<\/p>\n
The Rent Guidelines Board voted 7-1 in June<\/a> to freeze rent increases on one- and two-year leases covering roughly one million rent-stabilized apartments, delivering on one of Mamdani’s signature campaign promises. A rent freeze means landlords cannot raise rents on affected apartments for leases covered by the policy during the freeze period.<\/p>\n Don’t Miss:<\/p>\n Board Process Questioned<\/p>\n Burgos said Mamdani had been open about wanting a rent freeze since his campaign and later appointed six members to the Rent Guidelines Board.<\/p>\n He said the board acknowledged costs had risen 5% but still approved a two-year freeze while relying on a potential future capital injection that, according to Burgos, board members had “no power over” and no certainty would materialize.<\/p>\n Burgos said that was outside what he viewed as the board’s legal mandate and that the lawsuit raises questions about the process.<\/p>\n “The suit is actually about the process that’s being called into question and deserves questioning,” Burgos told Fox Business.<\/p>\n He also pointed to a board member who resigned in protest around the time of the vote and said the outcome had been predetermined, arguing that the episode warrants questions in court.<\/p>\n Trending: Caught With Nothing Saved for Retirement? These 5 Game\u2011Changing Tips Could Still Save You<\/a><\/p>\n Christina Smyth, a landlord representative on the board, resigned shortly before the vote, saying, “The rebuilt board was required to deliver a rent freeze. Everything since has been theater.” City Hall rejected the claim and maintained that the board operates independently.<\/p>\n Rent Freeze Debate<\/p>\n The Mamdani administration has proposed some relief for distressed landlords, including potential one-time rent increases on vacant units in certain city-financed and city-regulated affordable housing, with roughly 300,000 apartments potentially qualifying.<\/p>\n The freeze has faced broader criticism from landlords over rising insurance, financing and operating costs. Billionaire investor Bill Ackman also questioned the policy after a mayor-appointed commission recommended an 18.2% pay increase for elected officials, citing factors including higher living costs.<\/p>\n Mamdani has described the rent freeze as a “historic victory” for tenants and part of his broader push to address housing affordability in New York City.<\/p>\n Image via Shutterstock<\/p>\n Read Next:\u00a0<\/p>\n Building Wealth Across More Than Just the Market<\/p>\n Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That’s why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn’t tied to the fortunes of just one company or industry.<\/p>\n Arrived<\/p>\n Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100<\/a>. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly.<\/p>\n Realberry<\/p>\n Institutional-quality real estate has traditionally been difficult for individual investors to access. Realberry gives accredited investors direct access to private real estate opportunities <\/a>backed by a team with 35 years of experience, $3.4 billion in assets under management, and $481 million in cumulative distributions paid to investors as of Q4 2025, according to the company. With a portfolio spanning 13 million square feet across seven U.S. states, Realberry focuses on acquiring, developing, and managing real estate with an emphasis on long-term value creation while its principals often invest alongside clients to help align interests.<\/p>\n FarmTogether<\/p>\n Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors, FarmTogether offers direct access to high-quality U.S. farmland starting at $15,000<\/a> \u2014 fully managed, with no landlord headaches.<\/p>\n Immersed<\/p>\n Immersed is building technology for the future of work through spatial computing.<\/a> Known for its AR\/VR productivity platform that enables users to work across multiple virtual screens, the company has grown to more than 1.5 million users worldwide. Immersed is also developing Visor, a lightweight headset designed specifically for professional productivity, positioning the company at the intersection of remote work, extended reality (XR), and next-generation computing.<\/p>\n Fundrise<\/p>\n Private real estate and private credit can add income and stability to a stock-heavy portfolio. Fundrise offers access to diversified private real estate<\/a> and credit strategies through an easy-to-use platform, with professionally managed portfolios designed to generate passive income and long-term growth.<\/p>\n Mode Mobile<\/p>\n Mode Mobile is changing the way people interact with their phones by letting users earn money from the same apps and activities they already use every day.<\/a> Instead of platforms keeping all the advertising revenue, Mode Mobile shares a portion back with users who engage with content, play games, and scroll on their devices. Named one of Deloitte’s fastest-growing software companies in North America, the company has built a large beta user base and is scaling a model that turns everyday smartphone usage into a potential income stream.\u00a0<\/p>\n EquityMultiple\u00a0<\/p>\n For accredited investors looking beyond stocks and bonds, EquityMultiple provides access to vetted commercial real estate deals starting at $5,000<\/a>,<\/a> with only ~5% of opportunities passing their due diligence process.<\/p>\n \u00a9 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.<\/p>\n","protected":false},"excerpt":{"rendered":"Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. 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