Amid Mamdani’s Rent-Freeze Pledge, NYC Rent Guidelines Board OKs Increases
City’s approximately two million rent-stabilized tenants likely to see hikes between 3 and 4.5 percent
By Larry Getlen June 30, 2025 8:14 pm
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Against the ongoing soundtrack of protestors loudly chanting “Freeze the Rent! Freeze the Rent!” New York City’s Rent Guidelines Board (RGB) voted Monday night to raise the rent on rent-stabilized apartments by 3 percent for one-year leases and 4.5 percent for two-year leases.
The debate before the vote, which passed 5-4, contained pointed positions from both sides of the issue.
“Inflation is 4 percent. It should be the starting point for a discussion on one-year leases,” said board member Christina Smyth, who voted against the current raises.
“This board does not value affordability,” countered board member Adán Soltren, who noted that the board had now raised rents 12 percent in total over the last four years, and who also voted against the raises. “There is no way we can come to these decisions four times in a row if we did.”
This latest annual vote likely had more eyes on it than ever before given the prominence of rents as an issue in this year’s mayoral race.
New York State Assemblyman Zohran Mamdani, the presumptive Democratic nominee for mayor, famously made freezing rents for the roughly 2 million New Yorkers living in rent-stabilized apartments a key element of his campaign.
Mamdani’s official platform references the incumbent mayor, who is on the November ballot as an independent: “Eric Adams has taken every opportunity to squeeze tenants, with his hand-picked appointees to the Rent Guidelines Board jacking up rents on stabilized apartments by 9 percent (and counting) — the most since a Republican ran City Hall. As mayor, Zohran will immediately freeze the rent for all stabilized tenants, and use every available resource to build the housing New Yorkers need and bring down the rent.”
Adams had called for the board to “adopt the lowest increase possible while protecting the quality of housing for millions of New Yorkers” in a statement released on the morning of the vote.
While expounding on the massive rent expense facing so many New Yorkers, Adams, without mentioning his opponent’s name, also took Mamdani to task for his rent-freeze stance.
“Let’s be clear,” Adams wrote, “demands to ‘freeze the rent’ are shortsighted and risk worsening already deteriorating housing conditions — putting tenants’ health and safety in harm’s way.”
Kenny Burgos, CEO of landlord group the New York Apartment Association, agreed.
“Every year the Rent Guidelines Board is put in a horrible position because elected officials do nothing to lower the cost of housing,” Burgos said in a statement. “While we are disappointed that the RGB once again adjusted rents below inflation, we appreciate that they stood up to political pressure calling for rent freezes that would accelerate the financial and physical deterioration of thousands of older rent-stabilized buildings.”
Real Estate Board of New York (REBNY) President James Whelan saw the increases as steps in the right direction given the growing calls for a rent freeze.
“These adjustments by RGB, while less than the increase in costs imposed on owners, are a necessary step toward preserving the long-term health of our housing stock,” said Whelan. “As discussions around housing policy continue, we urge policymakers to consider broader data-driven solutions that ensure rent-stabilized units remain both affordable and financially sustainable for the long term.”
The board also voted for no increases for hotel-related housing, including SROs and lodging or rooming houses.
This article was updated to include comments from REBNY.
Larry Getlen can be reached at lgetlen@commercialobserver.com.
