As New York City grapples with a significant housing and affordability crisis, discussions surrounding a potential rent freeze have come to the forefront. The Rent Guidelines Board (RGB) is set to vote on June 27 regarding possible rent increases for the city’s rent-stabilized buildings, with advocates from both sides presenting their cases, highlighting the serious ramifications for tenants and the overall housing stock in the city.
This year, the mayor-appointed, nine-member board will determine whether the city’s 2.4 million rent-stabilized tenants face lease increases ranging from 3.75% to 7.75% for two-year leases, or between 1.75% and 4.75% for one-year leases, effective from October. The decision could also result in a “rent freeze,” maintaining current rent levels for tenants who rely on affordable housing options.
Approximately half of the city’s rental apartments—around one million—fall under rent stabilization, generally affecting buildings constructed before 1974 with more than six units, as well as all newer subsidized affordable apartments benefiting from special tax incentives. Thus, the RGB’s annual determinations are crucial for the tenants and landlords involved.
During Mayor Eric Adams’ administration, the RGB has approved annual rent increases that total 9% over the past three years. In contrast, under former Mayor Bill de Blasio, tenants experienced rent freezes in 2015, 2016, and 2020.
Recent polling indicates widespread support for a rent freeze, with a survey conducted by the left-leaning think tank Data for Progress in April 2025 revealing that 78% of likely New York City voters supported the idea. The support spans across party lines, with 83% of Democrats and 63% of Republicans voicing their favor.
Proponents of the freeze argue that property owners do not require rent increases as they are reportedly already profitable. They assert that landlords can manage their maintenance and operational expenses without further rent hikes.
Conversely, landlords argue that any rent increase is essential to keep pace with rising operating costs, which include insurance, utilities, and labor expenses. They maintain that the 2019 Housing Stability and Tenant Protection Act (HSTPA) severely restricted their capacity to raise rents or recoup costs from necessary upgrades, insisting that the limited increases sanctioned by the RGB threaten the sustainability of rent-stabilized buildings, potentially leading to a loss of affordable housing in New York City.
The 2019 legislation has been characterized by some as a significant win for tenants, but real estate industry voices dub it “Public Enemy No. 1.” Since the bill’s enactment, landlords have grappled with rising costs while facing limitations on rent increases linked to necessary repairs or upgrades in aging buildings.
Cuomo, who previously supported the 2019 law, has recently shown signs of pulling back from that support. His campaign’s backing from affluent real estate donors has raised suspicions, especially among critics who highlight connections to landlords facing lawsuits for property neglect.
With the upcoming primary elections in focus, the issue of a rent freeze has become a central topic for mayoral candidates. Supporters argue that rent-stabilized tenants, primarily lower- to middle-income earners, face mounting pressures associated with spiraling costs for essential goods, alongside rent.
Statistics from the RGB indicate that the median income for rent-stabilized households was $60,000 in 2022, substantially lower than the citywide median of $70,000. Additionally, the median rent for these units stood at $1,500.
Several Democratic candidates running for mayor have publicly endorsed a one-year rent freeze, while Andrew Cuomo remains isolated in his opposition based on the perceived need for landlords to receive rental income reflective of maintenance costs. Cuomo’s 28-page housing policy expresses concern for small landlords, contending that a failure to adjust rents could hinder their ability to sustain their properties.
Mayor Adams has expressed similar concerns, emphasizing the potential distress faced by small property owners unable to cover rising operational costs. He stated, “Gas doesn’t freeze. Electricity doesn’t freeze. Insurance doesn’t freeze. The cost of running a building doesn’t freeze.”
In stark contrast, Queens Assembly Member Zohran Mamdani called for a comprehensive rent freeze for his entire term, underscoring the financial benefits it could bring to tenants. Should rents be frozen from October 2026 through September 2030, tenants would collectively save a substantial amount, according to a report by the Community Service Society.
Amid the calls for a rent freeze, the RGB faces the daunting task of striking a balance between tenant affordability and maintaining property viability. The board has struggled under inflationary pressures that complicate their dual mandate of keeping rents manageable while simultaneously ensuring that owners can cover operating expenses.
Mark A. Willis, a senior policy fellow at the NYU Furman Center, asserts that the situation arising from inflation renders the RGB’s balancing act nearly impossible. He pointed out that while past rent increases have raised owners’ operating income, many still find it challenging to meet their costs adequately.
Statistical data illustrates that owners’ expenses skyrocketed, with insurance costs rising nearly 18.7% this year alone. Overall operating costs increased 6.3%, surpassing the potential rent hike limits proposed by the RGB for one-year leases.
Willis emphasized the difficulties tenants face amidst the soaring costs of living while acknowledging that many landlords struggle to maintain their buildings financially. Those owners particularly in the Bronx, he noted, have seen insufficient increases in rental income to match rising operating costs, pointing out potential deficits for many properties.
Former Bronx Assembly Member Kenny Burgos, now leading the New York Apartment Association, provided stark warnings about the implications of unchecked rent freezes, arguing such policies could spiral into a “death spiral” for buildings facing financial instability. He contended that proposed rent freezes would exacerbate challenges and compromise the quality of housing throughout the city.
Burgos criticized candidates for allegedly pandering to tenant sentiments. He argues that the RGB’s rent increases serve as the sole mechanism for property owners to keep pace with rising operational expenses such as taxes and utility costs.
While many tenants express a lack of trust towards landlords regarding their profits and maintenance practices, voices like Fitzroy Christian’s call for a rent freeze based on personal experiences in a dilapidated building emphasizing the need for better conditions.
Christian laments the structural issues prominent in his Bronx building, which has received numerous city code violations, asserting that a rent freeze would help alleviate the financial burden for those struggling to afford rent.
Others, like Yun Chen from Chinatown, echo similar sentiments concerning the quality of maintenance in their aging buildings, highlighting longstanding issues that landlords have failed to address despite rising rental prices.
The argument for transparency within landlord financial dealings remains prominent. Some landlords have indeed opened their books, revealing that their net incomes have sharply decreased since the implementation of the 2019 legislation, yet skepticism persists among tenants and advocacy groups focused on housing.
Many tenants feel it is not their responsibility to shoulder the burden of landlords’ bad investments, urging that help should come from city or state programs instead.
In the intricate fabric of New York City’s housing landscape, the city already supports two existing rent freeze programs, SCRIE and DRIE, which provide exemptions for low-income seniors and disabled individuals to combat rising costs.
These targeted programs have been viewed as a more effective response compared to a blanket rent freeze, according to Burgos, who advocates for extending eligibility and enhancing enrollment.
Precious time approaches as the RGB prepares for their vote on June 27, while city residents rally support amongst their neighbors and encourage participation in the upcoming elections. Community bonds and collaboration have surfaced as essential actions for affected tenants navigating the uncertainties of their housing future.
Christian emphasizes that survival hinges upon solidarity, stating, “We can only survive as a community, as a group. When one of us suffers, it is a threat to all of us.”
As the city inches toward a decision, tenants face an uncertain future regarding the rental landscape, while the implications ripple through various sectors of New York City’s economy and community dynamics.
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