NEW YORK (Midtown Times) — The New York City Rent Guidelines Board voted Thursday to freeze rents on both one-year and two-year leases for rent-stabilized apartments, marking a historic decision that affects more than one million households across the city.
The board approved a 0% rent increase for eligible leases beginning Oct. 1, 2026, through Sept. 30, 2027. While one-year rent freezes have occurred in the past, this is the first time the board has approved a freeze for two-year lease renewals.
The measure passed by a 7-1 vote, prompting loud celebrations from tenants and housing advocates who filled the meeting room carrying signs calling for a rent freeze and rollback.
The decision fulfills one of Mayor Zohran Mamdani’s major campaign promises to provide financial relief for rent-stabilized tenants amid the city’s high cost of living.
“This is a historic victory for New York City tenants,” Mamdani said after the vote. He praised the Rent Guidelines Board for considering factors such as tenants’ ability to pay, inflation, and building operating costs before reaching its decision.
The vote came after owner representative Christina Smyth resigned from the board earlier in the day, criticizing what she described as a predetermined outcome. Another owner representative, Maksim Wynn, expressed concerns during the meeting but ultimately voted in favor of the rent freeze.
The board also approved a separate order freezing rent increases for covered hotel units.
While tenant advocates hailed the decision as meaningful relief for working New Yorkers, property owners strongly criticized the outcome. The Real Estate Board of New York (REBNY) argued that freezing rents could make it more difficult for landlords to keep up with rising operating expenses, maintain aging buildings, and invest in repairs.
Supporters say the freeze will help ease the financial burden on tenants struggling with the city’s rising living costs, while opponents warn it could place additional pressure on New York City’s already aging rent-stabilized housing stock.
