Board freezes rent on 1 and 2-year leases for NYC's 1 million rent-regulated apartments

Key Points:

• For the first time in history, New York's Rent Guidelines Board voted 7-1 to freeze rents for both one-year and two-year leases for the city's one million rent-regulated apartments, marking a historic victory for tenants.
• The decision fulfills a key campaign promise by Mayor Zohran Mamdani, who appointed half of the board members, and is seen as a shift in power toward tenants after years of struggle with affordability.
• Landlords strongly opposed the freeze, citing rising costs such as fuel, oil, and insurance, and warning it will force layoffs and hurt building maintenance, with industry groups predicting worsening living conditions and housing crisis.
• The vote was preceded by drama, including the resignation of a landlord-appointed board member who claimed the outcome was predetermined and the board had ceased being a fact-finding body.
• Tenants expressed relief and hope for affordability, emphasizing the need to reduce rents rather than increase them, especially after previous rent hikes under the Adams administration that significantly boosted landlords' incomes.