One of New York City Mayor Zohran Mamdani’s signature campaign promises is officially coming to fruition.
New York City’s Rent Guidelines Board voted 7-1 on June 25 to freeze rents on one- and two-year leases for roughly 1 million rent-stabilized apartments.
The rent freeze comes as many New Yorkers struggle to find affordable housing in one of the world’s most expensive cities. Supporters see the policy as a way to address the affordability crisis by preventing housing costs from rising. Through Business Insider’s Cost of the City series, we’ve spoken to New Yorkers about what it takes to make a living in the city and the financial pressures they face.
Amid the chaos of the approval process, including some celebrations and a resignation, here’s what tenants need to know about how the freeze will work and how it could impact you.
When the rent freeze takes effect
The rent freeze for the roughly 40% of NYC rental housing that is rent-stabilized will impact one- and two-year leases that start on or after October 1, 2026, up until September 30, 2027. Eligible leases signed or renewed between those two dates will be automatically subjected to the rent freeze.
If your lease is renewed before this date, current regulations accepted by the Rent Guidelines Board as of June 2025 will apply. This includes a 3% allowed annual adjustment for one-year leases and a 4.5% allowed adjustment for two-year leases. These regulations have been in place since October 1, 2025 and will continue until September 30, 2026.
The city’s Rent Guidelines Board will vote again next year to determine rent adjustments for leases after September 30, 2027.
How to find out if your apartment is rent-stabilized
Rent-stabilized apartments are usually in buildings built between 1947 and 1974, though some newer buildings are also included because they received specific tax benefits, according to the Office of Rent Administration (ORA). The designation limits “rent increases, guarantees lease renewals, and protects tenants from eviction except as allowed by law.”
The best way to check if you live in a rent-stabilized apartment is by submitting an inquiry to the ORA, a government agency part of the New York State Homes and Community Renewal, the State’s affordable housing agency.
Through here, you can request your official apartment rent history or a form asking if your apartment is rent-stabilized. A response should be sent within 20 business days. If you believe you are being improperly charged, you can seek legal assistance or submit an overcharge complaint to the ORA.
How the rent freeze could affect landlords and market-rate apartments
Critics of the policy said the rent freeze could impact landlords’ ability to maintain the quality of these rent-stabilized apartments. As landlords face higher operating costs and inflation, critics say the inability to raise rents could lead them to cut costs and make it harder for them to maintain buildings.
Arpit Gupta, a public member of the Rent Guidelines Board and an associate professor of finance at NYU Stern, voted against the freeze and wrote in an article published Friday that the long-term condition of these rent-stabilized buildings is “troubling.”
“Freezing their rents while their expenses remain uncapped is therefore a threat to their long-term financial viability,” he wrote. “Residents might continue to enjoy low rents, but at the cost of being trapped in units that no longer fit their needs, and with few alternatives and steadily deteriorating conditions.”
The freeze only impacts rent-stabilized apartments, which means rents on market-rate apartments are not directly affected by the policy. Yet, some critics said the freeze could push prices for market-rate apartments up due to the increased pressure on the housing market.
Mamdani is implementing other measures to provide affordable housing in the city. His Block by Block Housing Plan aims to construct 200,000 additional homes over the next decade, while also preserving existing affordable housing.
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