New York: Municipal agency approves rent freeze for nearly one million apartments
The board approved the rent freeze by a vote of 7 to 1 for both one-year and two-year leases, affecting nearly one million rent-stabilized units in New York.
New York City Mayor Zohran Mamdani
In a new blow to New York’s housing supply, the Rent Guidelines Board (RGB), the agency responsible for regulating rent-controlled units, approved a freeze on rents for nearly one million apartments subject to “rent stabilization.”
The measure, spearheaded by socialist Mayor Zohran Mamdani, was hailed as a victory for tenants but poses yet another risk to the city’s already deteriorating real estate market.
The New York Post (NYP) reported that the board approved the rent freeze by 7 votes to 1 for both one-year and two-year leases, affecting nearly one million rent-stabilized units in New York.
The rent freeze divides New York
The decision fulfills a campaign promise by Mamdani, who prioritizes state intervention over market signals.
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Carlos Dominguez
A panel member representing landlords resigned before the vote, claiming that the agency had ceased to be a technical body and had become a political tool designed to impose the freeze “at any cost.”
The RGB has frozen rents only three times in its entire history: all under Democratic Mayor Bill de Blasio, in 2015, 2016, and again in 2020, and all for one-year periods.
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