The New York City Rent Guidelines Board has approved a two-year rent freeze for approximately 1 million rent-stabilized apartments, fulfilling a key campaign promise of Mayor Zohran Mamdani. The unanimous vote on Thursday covers both one-year and two-year leases, a decision met with cheers from tenant groups but sharp criticism from landlord advocates.
Christina Smyth, one of two landlord representatives on the nine-member board, resigned hours before the vote. In her resignation letter, Smyth accused the panel of abandoning its role as a fact-finding body to deliver a predetermined rent freeze. She asserted that the board had been rebuilt "to deliver a rent freeze" regardless of data or public comment, characterizing the preceding hearings and reports as "theater."
Smyth was among three members appointed by former Mayor Eric Adams. Mayor Mamdani, who took office this year, appointed the remaining six members. Mamdani had previously stated that the board was independent and had been gathering information and testimony for months before the vote. The board's decision was made during a meeting at El Museo del Barrio in Upper Manhattan.
Landlord groups have expressed concern over a rent freeze, citing rising operational costs. According to a report from the Rent Guidelines Board in April, insurance costs for rent-stabilized housing increased by 10.5% year-over-year in 2026, with fuel and maintenance costs rising 11% and 6%, respectively. Ann Korchak, president of the Small Property Owners of New York, stated that Smyth's resignation validated fears that the Mamdani-appointed majority would yield to political pressure from City Hall.
The Rent Guidelines Board has historically frozen rents on three previous occasions, all under former Mayor Bill de Blasio in 2015, 2016, and 2020, each for a one-year period. The Democratic Socialists of America, Mamdani's political affiliation, had anticipated the outcome, announcing the impending rent freeze following recent election victories for their candidates.
In April, Mayor Mamdani introduced a proposal for a privately managed, city-backed insurance program designed to lower expenses in rent-stabilized buildings. However, specific details regarding this initiative, scheduled to launch in 2027, have not yet been released by City Hall.