New York City panel votes to freeze rents for nearly 1 million apartments

New York City's Rent Guidelines Board voted to freeze rents on one-year and two-year leases for about 1 million rent-stabilized apartments, delivering on a core affordability pledge by Mayor Zohran Mamdani. The decision affects housing used by roughly 2 million people and covers a sector that makes up about 40% of the city's housing stock. Mamdani called the vote a "historic victory for New York City tenants" and said it would provide relief for working people. Landlord groups opposed the move, arguing it could leave owners struggling with maintenance, repairs and inflation-driven costs, while critics of rent regulation say such policies can push up rents in non-stabilized units. A legal challenge is expected after a landlord representative on the board, Christina Smyth, resigned and said the panel's independence had been compromised. The freeze reverses the increases approved last year under former Mayor Eric Adams, when rents were raised by up to 3% for one-year leases and up to 4.5% for two-year leases.