One of New York City Mayor Zohran Mamdani's central campaign promises was to fight for affordable housing.
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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 effectThe 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.
