NYC rent freeze for stabilized apartments to take effect October 2026

One of New York City Mayor Zohran Mamdani's signature campaign promises is officially coming to fruition.

New York City's Rent Guidelines Board voted 7-1 on June 25 to freeze rents on one- and two-year leases for approximately 1 million rent-stabilized apartments.

The rent freeze comes as many New Yorkers struggle to find affordable housing in one of the world's most expensive cities. Supporters view the policy as a way to address the affordability crisis by preventing housing costs from rising.

Are you living in a rent-stabilized apartment? We'd like to hear from New Yorkers about how rising costs, taxes, repairs, or housing policies have affected you. If you're willing to share your experience, contact mros@businessinsider.com.

Amid the chaos of the approval process—including some celebrations and a resignation—here is what tenants need to know about how the freeze will work and how it could impact them.

When the Rent Freeze Takes Effect

The rent freeze applies to roughly 40% of NYC rental housing that is rent-stabilized. It will impact one- and two-year leases that start on or after October 1, 2026, up until September 30, 2027. Eligible leases signed or renewed between those two dates will be automatically subject to the rent freeze.

If your lease is renewed before this date, current regulations accepted by the Rent Guidelines Board as of June 2025 will apply. These include:

• 3% allowed annual adjustment for one-year leases
• 4.5% allowed adjustment for two-year leases

These regulations have been in place since October 1, 2025, and will continue until September 30, 2026.

The city's Rent Guidelines Board will vote again next year to determine rent adjustments for leases after September 30, 2027.

How to Find Out If Your Apartment Is Rent-Stabilized

Rent-stabilized apartments are typically in buildings built between 1947 and 1974, though some newer buildings also qualify because they received specific tax benefits, according to the Office of Rent Administration (ORA). The designation limits "rent increases, guarantees lease renewals, and protects tenants from eviction except as allowed by law."

The best way to check if you live in a rent-stabilized apartment is by submitting an inquiry to the ORA, a government agency under the New York State Homes and Community Renewal, the State's affordable housing agency.

Through this process, you can request your official apartment rent history or a form asking if your apartment is rent-stabilized. A response should be sent within 20 business days.

If you believe you are being improperly charged, you can seek legal assistance or submit an overcharge complaint to the ORA.

How the Rent Freeze Could Affect Landlords and Market-Rate Apartments

Critics of the policy argue the rent freeze could impact landlords' ability to maintain the quality of rent-stabilized apartments. As landlords face higher operating costs and inflation, critics say the inability to raise rents could lead them to cut costs and make it harder to maintain buildings.

Arpit Gupta, a public member of the Rent Guidelines Board and an associate professor of finance at NYU Stern, voted against the freeze. In an article published Friday, he wrote that the long-term condition of these rent-stabilized buildings is "troubling."

"Freezing their rents while their expenses remain uncapped is therefore a threat to their long-term financial viability," he wrote. "Residents might continue to enjoy low rents, but at the cost of being trapped in units that no longer fit their needs, and with few alternatives and steadily deteriorating conditions."

The freeze only impacts rent-stabilized apartments, meaning rents on market-rate apartments are not directly affected by the policy. However, some critics said the freeze could push prices for market-rate apartments up due to increased pressure on the housing market.

Mayor Mamdani is implementing other measures to provide affordable housing in the city. His Block by Block Housing Plan aims to construct 200,000 additional homes over the next decade, while also preserving existing affordable housing.