The Rent Guidelines Board has approved rent increases for approximately one million rent-stabilized apartments in New York City, with rates set at 3% for one-year leases and 4.5% for two-year leases starting on October 1.
After a tense vote that resulted in a narrow 5-4 decision, the board’s meeting reflected the ongoing struggle between tenant and landlord interests regarding permissible rent hikes.
The vote comes in the wake of Assemblymember Zohran Mamdani’s recent victory in securing the Democratic mayoral nomination, during which he promised constituents a rent freeze for next year.
This year’s proposed increases ranged between 1.75% and 4.75% for one-year leases, and 3.75% to 7.75% for two-year leases.
Advocates for tenants rallied at the El Museo del Barrio in the Upper East Side, voicing their discontent with chants of “Freeze the rent!” as board members arrived.
Joanne Grell, co-chair of the New York State Tenants Bloc, emphasized the importance of their presence, stating, “We want a rent freeze.”
This year’s meeting was particularly charged, as the board faces possible changes with the expiration of terms for several members, prompting calls for new appointees more aligned with tenant advocacy.
Mamdani’s plan for a rent freeze aims to replace existing board members with those more empathetic to tenant struggles, as he argues that landlords do not require further financial support at this time.
In recent years, the board has previously approved rent freezes under the administration of former Mayor Bill de Blasio, though last year the board enacted increases of 2.75% for one-year leases and 5.25% for two-year leases.
The current landscape indicates that landlords of rent-regulated apartments experienced an 8% rise in net operating income, adjusted for inflation, between 2022 and 2023, according to the Rent Guidelines Board’s 2025 income and expense study.
This study analyzed over 16,000 buildings and nearly 700,000 apartments, revealing significant disparities in growth across various boroughs.
Landlords argue that the approved increases fall short of the necessary adjustments to maintain their buildings. On the other hand, tenants lament the financial strain of additional costs in an already challenging economic environment.
Prior to the voting, both landlord and tenant representatives expressed their disapproval of the proposed hikes, consistently voting against the measure.
Christina Smyth, a board member, detailed the context surrounding the decisions faced by the board, citing systemic issues that have compounded the financial challenges of property maintenance due to rising property taxes and insurance costs, further exacerbated by legislative changes introduced in 2019.
Meanwhile, tenant representatives vocally opposed the increases, reinforcing their demand for a freeze amidst ongoing financial hardships.
Genesis Aquino, one such representative, declared, “We demanded a rent freeze, we elected a mayor who promised a rent freeze.”
Activists hope to leverage Mamdani’s recent primary win to encourage significant changes to the board, as relevant stakeholders fresh to the political landscape can alter the status quo in favor of tenants.
In a statement released after the vote, Mamdani echoed concerns that even measured rent increases could displace vulnerable New Yorkers.
He highlighted the recent electoral outcomes as indicative of the population’s readiness for governmental shifts that prioritize lowering costs and opposing real estate profits.
The sentiment was palpable among tenant activists in attendance, who sported campaign buttons for Mamdani and affirmed their support for his agenda, chanting his name following the results of the vote.
Esteban Girón of Tenants PAC expressed a shared goal among tenants to seek out substantial changes to board membership in the near future, focusing on the need for representation that acknowledges their plight.
Outside the museum, city officials gathered with tenant activists, emphasizing solidarity against the approved increases.
Shuzhen Liu, a retiree from Chinatown, articulated the dire circumstances faced by many individuals living on fixed incomes, asserting that any rent increment pushes them closer to relocation from their communities.
“How are we supposed to live if we continue to experience these rent hikes year after year?” Liu lamented.
Mayor Eric Adams had earlier advocated for the board to adopt the lowest possible increase; however, he refrained from endorsing a rent freeze, labeling it as a short-sighted approach.
After the board vote, he expressed disappointment over the final increases, which he felt exceeded his recommended limits.
Kenny Burgos, representing the New York Apartment Association, also critiqued the approved increases, suggesting they were insufficient to cover rising costs, while he appreciated the board’s resistance against political pressures advocating for rent freezes, which he believed would worsen the situation for aging rent-stabilized properties.
Landlord advocates like Ann Korchak have called for consideration of differentiated rates for smaller, economically distressed buildings housing a significant number of rent-stabilized apartments, highlighting the complexities surrounding these decisions.
The ongoing debate surrounding rent regulations, landlord incomes, and tenant affordability demonstrates the significant emotional and financial stakes for both sides as New York City grapples with its housing crisis, and the discourse remains charged as stakeholders prepare for future negotiations and potential shifts in governance.
image source from：thecity
