NYC Rent Guidelines Board to hold final vote on possible rent freeze

New York City's Rent Guidelines Board is set to hold a final vote Thursday on a possible rent freeze, which could affect millions of residents.

The outcomes will be another test of Mayor Zohran Mamdani's political power, as one of his campaign promises was to freeze rent.

The vote attracts a lot of attention every year from landlords and the city's more than two million rent-stabilized tenants. 

Board proposes a potential increase

Back in May, the Rent Guidelines Board put a 0% increase on the table, setting a preliminary range of 0-2% hikes for one-year leases and 0-4% for two-year leases.

The panel is supposed to be independent, but with six of the board's nine members appointed by Mamdani, tenants are hopeful the outcome will be in their favor.

Residents argue their wages cannot keep up with the rent and that past increases didn't go towards building repairs or improvements. 

"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," Mamdani said in May. 

The last time there was a rent freeze was under the Bill de Blasio administration in 2020. 

Landlords warn against freeze

But the real estate industry is warning of severe implications.

Landlords say a freeze will make it difficult to keep up with rising taxes, utilities and repairs, leading to worse conditions for renters. 

"Rent-stabilized housing is old," said Ann Korchak, with Small Property Owners of New York. "It's in need of tremendous and constant upkeep, repairs and capital improvements, and the way we raise revenue is through rents."  

The rent guidelines board will conduct a final vote at a 7 p.m. meeting with both sides in attendance.