New York City freezes rent increases for two years
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New York City Mayor Zohran Mamdani announced a rent freeze starting October 1, 2026, after the Rent Guidelines Board (RGB) approved the measure.
The freeze applies to rent-stabilized leases of one and two years, preventing increases until September 30, 2027. This regulation covers new leases and renewals signed within that period, including loft apartments governed by Article 7-C of the Multiple Dwelling Law.
The RGB determined that leases lasting up to 12 months will be considered one-year leases, while those between 12 and 24 months will be two-year leases, both with a 0% adjustment. The board clarified that only one annual adjustment can be applied during the order’s duration. Hotels, single-room occupancy units, and previously rent-controlled apartments becoming stabilized after being vacant are excluded from this freeze.
The RGB set a special guideline of a 49% increase on the maximum base rent for those units reviewed by the state agency HCR.
