New York City housing board approves rent freeze for regulated apartments

A New York City housing board has approved a rent freeze for approximately one million regulated apartments. The Rent Guidelines Board voted 7-1 on Thursday to hold both one- and two-year lease increases at zero percent for the period October 2026 through September 2027.

The decision applies to rent-stabilized buildings across all five boroughs, ranging from high-rise luxury properties to subsidized affordable units. Hundreds of tenant advocates gathered in Manhattan and cheered when the result was announced.

Background to the vote The mayor had pledged during last year's campaign to replace most members of the board and to enact a rent freeze. Six of the current members were appointed after the mayor took office; the remaining three had been named by the previous mayor.

One landlord representative resigned hours before the vote, stating that the board had disregarded evidence of rising operating costs and that the outcome had been predetermined.

Reactions from tenants and landlords Tenant groups argued at public hearings that wages have not kept pace with inflation and that prior rent increases had not funded needed repairs. The board chair said data reviewed this year showed many rent-stabilized tenants continue to face affordability challenges.

Landlord representatives warned that the freeze would reduce funds available for maintenance, taxes, and utilities, potentially accelerating deterioration of older buildings. One industry group stated the decision disregarded documented increases in operating expenses.

Rent freezes for one-year leases were previously approved three times between 2015 and 2021. The current action covers both one- and two-year terms.