New York City’s Rent Guidelines Board is moving forward with a final vote on rent freezes for stabilized apartments, despite the abrupt resignation of one of its landlord representatives. Christina Smyth, a real estate attorney and landlord representative on the board since April 2022, resigned Thursday morning, alleging the board had become a predetermined entity rather than a fact-finding body.
In a letter posted to her LinkedIn page, Smyth stated, "I cannot in good conscience validate a process I believe is completely unjust." She expressed concern that the board ignored rising building and insurance costs for landlords and felt the process was theater designed to deliver a rent freeze. "Owners and tenants deserve better," Smyth wrote.
The resignation was unexpected by the board, according to its chair, Chantella Mitchell. Mitchell affirmed in a statement that the board would proceed with the vote as scheduled, emphasizing the independence and integrity of the board members and staff. "We will proceed with tonight’s vote," she said.
The Rent Guidelines Board, appointed by the mayor, consists of nine members: two tenant representatives, two landlord representatives, and five representing the general public. A minimum of five members are needed to vote. The board's rules require at least one representative from each side to be present for a vote, a condition that could still allow the mayor's agenda to advance.
Small Property Owners of New York (SPONY) voiced concern over Smyth's departure, calling her the "only meaningful voice representing the interests of financially struggling small property owners." Ann Korchak, SPONY's board president, suggested that if the vote outcome was predetermined by the mayor's appointees, the board's actions would be illegal.
Freezing rents on the city's approximately one million rent-stabilized apartments was a key campaign promise of Mayor Zohran Mamdani. The proposed vote could result in a rent freeze for one or two years. For a one-year lease, rent increases could range from 0% to 2%, and for a two-year lease, from 0% to 4%, starting October 1.
Property owners have submitted comments to the board expressing fears of bankruptcy due to rising operational costs. "We have already very low rents that barely cover all the expenses of building," one small landlord wrote, citing increased oil prices, insurance, and interest rates as making it difficult to cover costs. Another commenter warned that rent restrictions below increased costs would lead to a decline in tenants' quality of life.
Rent-stabilized tenants have also weighed in, with some urging for rent freezes while others expressed concerns about building deterioration. One tenant noted that their building had deteriorated even with rent increases, questioning whether owners used revenue for maintenance. "The question is whether owners are using rent revenue to meet their obligations. When they are not, increasing that revenue rewards the failure," the tenant wrote. Another tenant, Stephanie Dawson, advocated for a two-year rent freeze, stating, "I think this city should prioritize residents who could literally lose their homes over landlords who are losing margin on their businesses."