New York City’s Rent Guidelines Board voted 7-1 on Thursday to approve Mayor Zohran Mamdani’s proposal for a two-year rent freeze covering 1 million rent-stabilized apartments — one of the broadest rent holds the city has seen in recent memory.
The board, made up of mayoral appointees, is independent by design, but its lopsided vote reflected how thoroughly Mamdani’s position carried the room. Only one member voted against the freeze.
The decision applies to rent-stabilized apartments in buildings constructed before 1974 and to buildings that carry certain tax breaks. That’s a significant slice of the city’s rental stock — roughly 1 million units in all — where tenants have been bracing for increases amid years of rising costs.
The freeze takes effect starting in October, the board said.
Mamdani, a Democrat, had made the rent freeze one of his signature commitments. Landlord groups have argued that holding rents flat for two years would squeeze building owners who face their own rising costs for maintenance, insurance, and debt service — and some warned the policy could reduce upkeep on older buildings. The 7-1 vote suggests those objections didn’t move the board’s majority.
What happens at renewal — whether the freeze holds, gets extended, or gives way to increases — hasn’t been announced.
