On June 25, the New York City Rent Guidelines Board (RGB) voted to freeze rents for approximately one million rent-stabilized apartments. For the first time since the de Blasio administration, the board approved a freeze on one-year lease renewals, while also approving a rent freeze for two-year leases—a move described by the board as a response to current economic constraints on tenants.
Data-Driven Decision for Tenants
The RGB’s decision follows data indicating significant financial strain among the city’s rent-stabilized population. According to the Community Service Society (CSS) 2025 Annual Survey of Housing and Economic Security, 67 percent of low-income rent-stabilized tenants cannot make ends meet or are barely managing to get by, and 83 percent have little or no emergency savings. RGB data further shows that 62 percent of evictions last year occurred in rent-stabilized buildings, with the Bronx accounting for the largest share. Rent-stabilized units house the city’s largest share of low-income households of any housing type in New York City, serving as the largest source of housing for Black and Latino New Yorkers.
Landlord Financial Outlook and Market Concerns
While some landlords argued that the vote ignored their financial realities, Maksim Wynn, the board’s landlord representative, provided an alternative perspective on the necessity of a freeze. Wynn noted that rent hikes could lead to a net loss of revenue if tenants are pushed into arrears, potentially triggering an eviction crisis for tenants and a non-payment crisis for owners. RGB figures show that Net Operating Income (NOI) for landlords grew by more than six percent last year, following growth of 12 percent and 10 percent in the preceding two years. According to RGB Chair Chantella Mitchell, aggregate data demonstrates that most owners remain capable of meeting rising costs without experiencing comparable levels of financial distress.
Potential Future Reforms for Housing Stability
To address the factors driving tight margins for owners—specifically taxes, fuel, and insurance—various policy shifts could follow. The Mamdani administration has already initiated a Request for Expressions of Interest for a city-backed insurance program, backed by a $100 million commitment, to combat rising property insurance costs. Additionally, the CSS continues to advocate for property tax reforms to address a system that currently charges the owners of the most expensive rent-stabilized apartments nothing in property taxes for 40 years, while overcharging the owners of the cheapest (and oldest) rent-stabilized apartments. Further reductions in operating costs could also emerge from a transition to heat pumps and induction stoves, which the Climate and Community Institute suggests could lower long-term fuel expenses through bulk-purchasing initiatives.
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