Zohran Mamdani’s campaign promise to “freeze the rent” helped secure his Democratic nomination for New York City mayor, but experts warn that the policy alone won’t fix the city’s housing woes. While rent freezes have precedent—implemented during Bill de Blasio’s tenure in 2015, 2016, and 2020—the broader challenge lies in balancing affordability with sustainable building maintenance.
The city’s Rent Guidelines Board, which sets annual rent adjustments for nearly 1 million rent-stabilized apartments, is appointed by the mayor. With tenant representatives typically favoring freezes, Mamdani could feasibly deliver on his pledge. However, the board’s recent vote approved a 3% increase for one-year leases and 4.5% for two-year leases starting October 2025, reflecting pressures from rising operating costs and nonprofit housing struggles.
Rent stabilization covers 48% of NYC’s rental apartments and is the city’s largest affordable housing program. A 2017 study estimated a $450 monthly discount per unit, amounting to a $5.2 billion annual subsidy from landlords. Yet, critics argue that rent regulation discourages investment, leading to deteriorating housing quality—especially in buildings with limited revenue.
The 2019 Housing Stability and Tenant Protection Act ended high-rent deregulation, reshaping the city’s rental landscape. While market-rate buildings in affluent areas saw income gains, many Bronx properties reported negative net operating income. Maintenance deficiencies have surged, and insurance costs for affordable housing rose 103% between 2019 and 2023.
Mamdani’s broader housing agenda includes reforming property taxes, building 200,000 new rent-stabilized units, and pooling rental assistance funds to support struggling buildings. These proposals aim to address systemic issues beyond rent freezes, which, while popular, risk masking deeper structural challenges.
Ultimately, Mamdani’s success in making housing truly affordable will depend on his ability to implement comprehensive reforms—not just freeze the rent.
