NYC Mayor Unveils Housing Plan With Rent Freeze and Ownership Transfers

NYC Mayor Zohran Mamdani released "Block by Block: The Housing Plan for a New Era" on May 26, 2026. The document outlines a rent freeze on the city's nearly one million rent-regulated apartments and a goal of building 200,000 new residences. The plan states that the city will pursue legal action to remove negligent owners and transfer chronically neglected buildings to community land trusts, nonprofits, or tenants.

It also includes expanded tenant protections and new multi-family construction efforts.

4 million residents living in rent-regulated units. The proposal includes a carve-out allowing one-time rent increases on vacant units in buildings financed or regulated by city housing agencies. The exemption could cover roughly 300,000 apartments, though officials expect only hundreds of vacant units to use the tool. Rent increases would remain subject to city income caps.

Hall created a $5 million loan program to help landlords cover tenants' overdue rent and avoid evictions. The nine-member Rent Guidelines Board is scheduled to vote in June on increases of 0% to 2% for one-year leases and 0% to 4% for two-year leases.

The New York Times estimates median rent-stabilized studio apartments rent for about $1,360 per month and two-bedroom units for about $1,530. Market-rate studios exceed $2,000 and two-bedrooms about $2,200. Mamdani's team wrote that communities that do not build new housing keep rents high and limit housing choice for New Yorkers.