New York City Rent Guidelines Board (RGB) completed its preliminary vote on Thursday evening, May 7th, to decide the adjustment range for new leases of approximately 1 million rent-stabilized apartments across the city. The tentative increase for one-year leases is set between 0% and 2%, while two-year leases may see an increase between 0% and 4%. These adjustments will apply to leases signed on or after October 1st, with the final decision expected to be made by June 25th.
The most anticipated aspect of this preliminary vote is the retention of the “0% increase” option for both one-year and two-year leases, indicating that rent freeze could still be a possible outcome. This presents the first major housing policy test for Mayor Mamdani since his campaign pledge of “freezing rents.”
Currently, out of the 9 members of the Rent Guidelines Board, 6 were appointed by Mayor Mamdani. Data shows that approximately 2.4 million New Yorkers reside in rent-stabilized apartments, and the Rent Guidelines Board annually determines the rent increase based on factors such as landlord operating costs, housing supply and demand, economic data, and tenant affordability. The board’s decisions each year directly impact the rental costs for a large number of households.
On the evening of the Thursday vote, a large gathering of tenant groups and landlord representatives converged outside the LaGuardia Community College in Queens. Supporters of rent freeze chanted “Freeze the Rent” slogans, demanding the board to cease further burdening tenants; while landlord groups warned that continued rent freeze may make it difficult for many small residential buildings to afford maintenance, insurance, property taxes, and utility costs.
Mayor Mamdani stated in a release, “New Yorkers are being suffocated by soaring living costs, they need real relief measures. I am pleased to see that the Rent Guidelines Board seriously considered housing affordability, building operating costs, and the pressures faced by both tenants and small property owners when formulating this preliminary adjustment range.”
Next, the board will hold public hearings in the five boroughs to listen to the opinions of tenants, landlords, and community representatives. The final rent increase decision will be voted on and determined by June 25th.