As Mayor Mamdani dials back rhetoric, NYC Rent Guidelines Board starts looking at whether to freeze rents

Josephine Stratman, New York Daily News on Mar 26, 2026

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NEW YORK — The city’s Rent Guidelines Board kicked off the process of deciding whether to enact Mayor Zohran Mamdani’s campaign promise of freezing rents on stabilized units in its first meeting of the year Thursday, as it considered data that could support a rent freeze.

The new data, released Thursday in the board’s annual report, showed that landlord incomes have risen now for three years in a row.

Carrying out the rent-freeze campaign promise lies with the nine members of the board, who independently decide every year how much stabilized rents should go up. Mamdani, who has toned down his rhetoric since taking office, appointed six members to the board this year, giving him a majority of picks.

To determine whether or not they’ll follow through on rent freeze, the panel will consider data, including information in their annual report, released Thursday, and hear public testimony before voting in June.

The report also found that landlords of rent-regulated apartments saw their net operating income — calculated by subtracting mortgage payments from total revenue — rise 6.2% between 2023 and 2024. That year is the latest for which data is available.

Last year, the board chose to hike rents by 3% for one-year leases and 4.5% for two-year leases.

A four-year rent freeze was among Mamdani’s main campaign promises on the trail. Once in office, though, he has he’s backed away from vocally cheering for that amid the threat of lawsuits from the real estate industry, which has accused Mamdani of improperly seeking to use his influence to sway the independent board.

A spokesman for Mamdani referred to a video the mayor posted Thursday in response to a request for comment. In the video, Mamdani explains the function of the RGB but doesn’t explicitly state his position.

“You probably know how I feel about what should happen to the rent,” Mamdani said in the video, encouraging supporters to testify during public hearing.

Tenant groups pointed to the net operating income figure as proof a rent freeze is needed.

“Tenants are winning our rent freeze,” Sumathy Kumar, New York State Tenant Bloc director, said in a statement. “Landlord incomes continue to rise while tenant wages stay stagnant and the cost of everything from food to transportation keeps going up. A rent freeze is the common sense first step to making sure that the New Yorkers who keep this city running aren’t priced out of our homes.”

The board also found that 9% of rent-stabilized buildings citywide are distressed. Landlord groups argue that if a rent freeze were to happen, it would be harder to get those buildings back in shape.

“Such distress is shown through declining operating income, more housing violations, and lower assessments among buildings with large percentages of rent-regulated units,” REBNY President James Whelan said in a statement. “If the board adheres to its statutory mandate, it will take this reality into account in its final determination.”

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