July 29, 2025
The Rent Guidelines Board just voted to increase rents on the city’s one million rent-stabilized apartments—3% for one-year leases and 4.5% for two-year leases starting in October. This decision comes at a pivotal moment for NYC real estate, with affordability front and center in this year’s mayoral race.
Mayor Eric Adams, who appointed the board members, has once again backed an increase, though he claimed he asked for a smaller hike than what was approved. On the flip side, Assemblyman Zohran Mamdani—now the Democratic front-runner—has built his campaign around halting all future rent hikes if elected.
This split highlights the deep divide between pro-landlord and pro-tenant perspectives, especially as the city continues to face a major housing affordability crisis.
Tenant advocates rallied hard for a rent freeze, chanting in protest at Monday’s vote in East Harlem. But the board’s tight 5-4 vote reflected competing pressures: two landlord reps wanted larger increases, and two tenant reps wanted no increase at all.
What’s clear is that this isn’t just a policy decision—it’s become a defining political issue. Mamdani’s rise in the polls, fueled by his promise to reshape the Rent Guidelines Board and freeze rents, has landlords sounding the alarm and tenants hopeful for real change.
Meanwhile, Adams continues to argue that freezing rents would hurt building upkeep and tenant safety by limiting funds for repairs.
As a real estate professional, I’m closely watching how this dynamic unfolds. Rent-stabilized units have become a major source of affordable housing in NYC, with a median rent around $1,500—much lower than the $2,000 average for unregulated apartments.
But owners are still grappling with rising costs of maintenance, fuel, and insurance. It’s a tough balancing act: keep housing affordable without squeezing building owners out of financial viability.
Whether you’re an investor, renter, or agent trying to navigate this climate, one thing is certain—this upcoming election could drastically shift the city’s rental housing landscape.
Disclaimer: This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.
