NYC Rent-Stabilized Apartments Could See Rent Freeze Following Board Vote

The New York City Rent Guidelines Board held a preliminary vote on May 7, 2026, that opens the possibility of a rent freeze for more than 2.5 million residents living in rent-stabilized apartments across the five boroughs.

In the preliminary vote, the board approved rent increase ranges of 0% to 2% for one-year leases and 0% to 4% for two-year leases. These guidelines apply to the city’s one million rent-stabilized housing units.

Because the approved ranges include a zero percent increase, a full rent freeze remains a viable outcome for the final decision. This marks the first time such a possibility has been on the table since the administration of former Mayor Bill de Blasio, with the last rent freeze occurring in 2020.

Shift in Rent Guidelines

The May 7, 2026, decision represents a shift from the previous year’s guidelines. In 2025, the Rent Guidelines Board had approved a 3% increase for one-year leases and a 4.5% increase for two-year leases.

While landlords had expressed hope for another increase in 2026, the inclusion of zero percent in the current preliminary range suggests a strong likelihood of a freeze. Ann Korchak, the board president of the Small Property Owners of New York, stated that the inclusion of zero percent all-but-ensures there will be a rent freeze.

The composition of the board has changed significantly, as almost all nine members were appointed by Mayor Zohran Mamdani. Mayor Mamdani has established fair housing as a cornerstone of his administration and campaigned on the promise of freezing rents to provide relief to residents.

Mayor Mamdani’s Response

Following the board’s preliminary vote, Mayor Mamdani issued a statement expressing that he was encouraged by the decision. He noted that New Yorkers are currently facing significant pressures due to the cost of living.

New Yorkers are being crushed by the cost of living, and they need real relief. I’m encouraged to see the Board taking seriously the data around affordability, operating expenses, and the pressures facing both tenants and small property owners as it sets this preliminary range. As the RGB begins its public hearings, tenants, owners, and New Yorkers from every borough should make their voices heard and speak directly to what this housing crisis looks like in their lives. I’m confident the Board will weigh those perspectives carefully and arrive at a decision later this summer that reflects the urgency of this moment.

Mayor Zohran Mamdani

Landlord and Tenant Perspectives

The prospect of a rent freeze has created a sharp divide between tenants and property owners. Landlords attending the May 7, 2026, hearing expressed anxiety, arguing that a freeze would limit their ability to maintain their properties and perform essential repairs.

The fiscal reality is that these buildings are old and are in need of a lot of work and capital repairs and revenue which is rent is how we take care of those building needs.

Ann Korchak, board president of the Small Property Owners of New York

Other property owners argued that the lack of rent increases would effectively defund their properties, making it impossible to keep up with expenses or provide adequate services to tenants. Valentina Gojcaj, a landlord, stated that they are operating in the same economy as everyone else and cannot provide quality housing without the necessary funds.

Conversely, many tenants argued that a freeze is a necessary measure given the current economic climate. Some attendees at the vote suggested that a freeze is not enough and that rent reductions are required, while others argued that any possibility of an increase should be removed from the table entirely.

Tenant Desmond Cadogan expressed dissatisfaction with the current range, stating that a rent freeze in this time in this economy in this atmosphere is what hard working people need and deserve.

Next Steps for the Rent Guidelines Board

The preliminary vote on May 7, 2026, is the first step in a process that includes a series of public hearings. These hearings are intended to allow tenants, property owners, and other New Yorkers to provide testimony regarding the housing crisis and its impact on their lives.

The Rent Guidelines Board is expected to hold its final hearing and reach a definitive decision in late June 2026.