New York freezes rents for almost one million homes in political success for Mayor Mamdani
New York has frozen rents for almost one million homes in a political success for Mayor Zohran Mamdani, who campaigned on the promise to address rising housing costs. The rent freeze applies to properties subject to rent stabilization and was approved after a meeting attended by tenant groups. The move is seen as a significant win for Mamdani, who identifies as a Democratic socialist and has made addressing the city's affordability crisis a key priority.
- ▪Nearly a million properties in New York subject to rent stabilization will not see their rents hiked.
- ▪The freeze was approved after a meeting attended by a strong showing of tenant groups.
- ▪The median rent of a Manhattan apartment topped $5,000 a month for the first time in April.
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A person wears a hat that reads 'Freeze the rent!' as people attend a rally outside of El Museo Del Barrio, in New York City, US, June 25, 2026. DAVID DEE DELGADO / REUTERS New York, which has some of the priciest rents in America, voted to freeze rents for some properties subject to rent stabilization by the city, media reported Thursday, June 25, in a win for leftist Mayor Zohran Mamdani. Nearly a million properties in the Big Apple subject to so-called "rent stabilization" will not see their rents hiked, delivering on a campaign promise made by Mamdani, who identifies as a Democratic socialist. A preliminary vote in May by the rent guidelines panel had endorsed Mamdani's plan to effectively freeze rents on nearly one million New York apartments.
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