New York City has approved a landmark housing measure that will prevent rent increases for more than two million residents in rent-stabilized apartments.

In a historic 7-1 decision, the New York City Rent Guidelines Board voted to freeze rents on one-year and two-year lease renewals. It is the first time the board has approved a two-year rent freeze since its creation.

The new policy applies to eligible rent-stabilized leases that begin between October 1, 2026, and September 30, 2027, giving tenants across the city major financial relief.

Mayor Calls Decision a Major Win

Following the vote, New York City Mayor Zohran Mamdani described the decision as an important step toward easing the financial burden on working families.

According to the mayor, the Rent Guidelines Board reached its decision after reviewing economic data and hearing from residents throughout the city. He called the rent freeze a historic achievement, highlighting that it includes the city's first-ever freeze on two-year lease renewals.

How the Rent Freeze Affects Tenants

Residents living in qualifying rent-stabilized apartments whose leases expire during the eligibility period will be able to renew without paying a higher monthly rent.

In previous years, the Rent Guidelines Board typically approved annual rent increases. This year, proposals included hikes of up to 2% for one-year renewals and up to 4% for two-year leases. Instead, the board voted to keep both increases at 0%, keeping rents unchanged.

The decision follows several years of rising rents, with one-year lease renewals increasing by approximately 12% over the past four years.

Who Is Eligible?

The rent freeze only applies to rent-stabilized apartments in New York City.

Generally, qualifying homes include:

Apartments located in residential buildings with six or more units that were constructed before 1974.

Properties that receive certain tax incentives or government programs, including 421-a or J-51, must remain rent-stabilized.

The policy does not cover market-rate apartments, public housing managed by NYCHA, or rent-controlled units, as those housing programs follow different regulations.

Why This Decision Is Significant

Although New York City has previously approved freezes on one-year lease renewals, this is the first time both one-year and two-year renewals have been frozen simultaneously.

Housing advocates say rent stabilization remains an essential part of New York City's housing system. Research from the Robin Hood Foundation, cited by Gothamist, estimates that the program helps keep around 140,000 New Yorkers above the poverty line by limiting housing costs.

Important Details at a Glance

• Rent Increase: 0% for one-year and two-year lease renewals.

• Coverage: Approximately 1 million rent-stabilized apartments.

• Residents Impacted: More than 2 million New Yorkers.

• Effective Period: New leases beginning between October 1, 2026, and September 30, 2027.

The decision is one of the most significant rent protection measures in New York City's history and is expected to provide meaningful financial stability for millions of tenants over the coming year.