New York City’s Rent Guidelines Board voted 7-1 on Thursday to approve a two-year rent freeze for approximately one million rent-stabilized apartments, marking the first two-year rent freeze in the board’s history and fulfilling one of Mayor Zohran Mamdani’s signature campaign promises.

The freeze applies only to rent-stabilized apartments, generally those located in buildings with six or more units built before 1974 or in properties receiving certain tax incentives or government subsidies. Market-rate apartments and most newer residential buildings are not affected.

Mamdani campaigned on a promise to “freeze the rent,” and the vote represents a political victory for the new socialist mayor. While the mayor does not directly set annual rent increases, he appoints members of the Rent Guidelines Board. Six of the board’s nine members were appointed by Mamdani. By comparison, during former Mayor Eric Adams’ four years in office, the board approved cumulative rent increases totaling about 12% for rent-stabilized apartments.

Hundreds of tenant advocates packed Thursday’s hearing, celebrating the vote as a major victory for renters facing New York City’s affordability crisis. Landlord groups sharply criticized the decision, arguing that rising insurance, labor, fuel, maintenance, and operating costs will continue to squeeze building owners despite the rent freeze. Earlier Thursday, one of the board’s two landlord representatives resigned, arguing the board was ignoring its own financial data.

The decision affects one of the largest regulated housing markets in the United States and is expected to have significant financial implications for both tenants and property owners as New York continues grappling with rising housing costs and the long-term maintenance of its aging apartment buildings.

(YWN World Headquarters – NYC)