On the night of June 25, 2026, New York City's Rent Guidelines Board voted 7 to 1 to freeze rents at 0% on both one-year and two-year leases for the roughly 1 million rent-stabilized apartments across the five boroughs. It is the first two-year freeze in the board's history, and it delivers the central housing promise of Mayor Zohran Mamdani's campaign.
For leases starting October 1, 2025, the same board approved 3% on one-year renewals and 4.5% on two-year renewals, in a 5 to 4 vote. In 25-plus years working co-ops and condos across the city, I have sat with plenty of renters deciding whether to stay put or buy.
What the board actually approved
The new guidelines apply to rent-stabilized leases that begin between October 1, 2026 and September 30, 2027. Any one-year or two-year renewal starting inside that window carries a 0% increase over the current legal rent. The board also set 0% for the covered hotel categories.
| Lease guideline period | 1-year lease | 2-year lease | Board vote |
|---|---|---|---|
| Oct 2025 - Sep 2026 | 3% | 4.5% | 5-4 |
| Oct 2026 - Sep 2027 | 0% | 0% | 7-1 |
How rare a freeze is
The board has voted to allow an increase in almost every year since it was created in 1969. Before this vote it had frozen one-year leases three times, all under former Mayor Bill de Blasio, and had never frozen a two-year lease.
Which apartments are covered
Only rent-stabilized units are covered. An apartment is generally rent-stabilized if it sits in a building with six or more units built before 1974, or in a building that receives certain tax breaks or government subsidies, such as 421-a or J-51.
Not sure if your apartment is stabilized?
Your lease should include a rent-stabilization rider, and your renewal arrives on a state form (the RTP-8). You can also request your apartment's official rent history from New York State Homes and Community Renewal (HCR) at no cost. It shows whether the unit is regulated and its legal rent history.
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How a renewal works under the freeze
In New York City, the owner must send the renewal offer between 90 and 150 days before the current lease expires, on the state renewal form. The tenant chooses a one-year or two-year term and has 60 days to sign and return it. For a lease that begins on or after October 1, 2026, either term carries 0% over the current legal rent. A lease that expires in the weeks before October 1 is still governed by the earlier 3% and 4.5% guidelines.
How the board reached the decision
The Rent Guidelines Board has nine members appointed by the mayor, and Mayor Mamdani had appointed five of them before this vote. Hours before the hearing, owner representative Christina Smyth resigned in protest. The board still voted 7 to 1. Owner representative Maksim Wynn voted yes, saying a 0% increase was in owners' interests given the risk of falling economic occupancy. The lone no vote came from Arpit Gupta, a public member reappointed by former Mayor Eric Adams.
REBNY president James Whelan said the board "ignored its own data" and warned of less investment in maintenance and repairs in older stabilized buildings.
Renting or buying in NYC?
Bring your current legal rent and compare two frozen years against today's prices in your borough.
Schedule a Free ConsultationWhat the freeze does not change
The freeze does not lower rents or touch market-rate apartments. Co-op maintenance and condo common charges are set by building boards, not by the Rent Guidelines Board. For renters weighing a purchase, my NYC buyer guide walks through that decision at current prices.
What it means for owners and investors
For anyone underwriting a rent-stabilized building, two years of frozen income is now part of the model. Flat regulated revenue against rising property taxes, insurance, and repair costs compresses margins on pre-1974 buildings of six or more units and on subsidized buildings.
Current pricing is on my neighborhood market reports. For the broader rules shaping NYC rentals, see my piece on the Rent Transparency Act.
Own or considering a stabilized building? Send the address for current pricing.
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