The Rent Guidelines Board approved a rent freeze for the city’s approximately 1 million stabilized apartments Thursday night.

The board voted to freeze rents for rent-stabilized tenants with one- and two-year leases, marking a victory for Mayor Zohran Mamdani, who made a campaign promise to secure a freeze for stabilized tenants across the five boroughs. 

What You Need To Know

  • The Rent Guidelines Board approved a rent freeze for the city’s approximately 1 million stabilized apartments Thursday night

  • The board’s vote marks a victory for Mayor Zohran Mamdani, who made a campaign promise to secure a freeze for rent-stabilized tenants across the five boroughs

  • Approximately 2.4 million New Yorkers live in rent-stabilized apartments

Approximately 2.4 million New Yorkers live in rent-stabilized apartments. 

Moments after the vote, Mamdani called the outcome “a historic victory for New York City tenants.”

“This is the relief that working people across our city deserve,” he said in a statement. “I’m grateful for the board members’ thoughtful consideration of the data, including tenants’ ability to pay, cost of living and building operating costs.”

“I’ll continue working to deliver a more affordable city by building and preserving affordable housing, lowering building operating costs like insurance, and ensuring tenants know their rights,” he added. 

Last month, board members cast a preliminary vote in favor of a possible 0% to 2% rent increase for one-year leases and a 0% to 4% increase for two-year leases. 

Six members of the board were appointed by Mamdani. The usually nine-member board was down one member Thursday night after an eleventh-hour resignation. 

On Thursday morning, Christina Smyth — a last-minute appointment to the board by then-Mayor Eric Adams in December of last year — announced her resignation in a statement posted to LinkedIn.

Smyth, who represents owners on the board, wrote in part, “This year’s RGB order was decided last year on the campaign trail. Then in February, the Mayor appointed six of the nine members of this board. This rebuilt board was required to deliver a rent freeze. Everything since has been theater.” 

Mamdani responded to her resignation in an interview with News 12, saying the board was “independent” and adding that he would “trust them to make the decision they will make.” 

Tenants repeatedly called for a rent freeze ahead of the vote, warning that even modest increases could push longtime residents out of their neighborhoods.

Property owners, meanwhile, argued that frozen rents would make it harder to maintain aging buildings amid rising labor and maintenance costs. The 2026 Rent Guidelines Board price index found that the cost of operating buildings containing rent-stabilized units increased by 5.3% this year.

Last summer, the board approved rent hikes of 3% for one-year leases and 4.5% for two-year leases.