New York City's Rent Guidelines Board voted 7-1 on Thursday to freeze rents on both one-year and two-year lease renewals, covering roughly 1 million rent-stabilized apartments across the five boroughs. The vote marks the first two-year rent freeze in the board's history and delivers on a defining promise of Mayor Zohran Mamdani, who took office just six months ago after campaigning under the rallying cry "Freeze the rent."
The 0% increase will apply to eligible lease renewals beginning October 1, 2026, through September 30, 2027. An analysis by the Community Service Society of New York estimates that rent-stabilized households could collectively save between $2.44 billion and $6.84 billion through 2030. A board member representing landlords resigned hours before the vote, saying the outcome "was decided last year on the campaign trail," while the Real Estate Board of New York warned the freeze "will make New York's housing crisis worse" by squeezing funds for building maintenance.
Tenant advocates celebrated the result as a watershed moment for affordable housing in one of the world's most expensive cities. "This is a historic victory for New York City tenants," said one advocate at the hearing. The freeze is the most high-profile outcome of a broader affordability agenda that propelled Mamdani to a landslide mayoral victory last year.