NYC Rent Freeze 2026: Four Reasons the Data Supported Freezing Rents
At a Glance
- The NYC Rent Guidelines Board voted to freeze rents for one- and two-year leases in roughly one million rent-stabilized apartments.
- The decision affects over two million New Yorkers living in rent-stabilized housing.
- CSS's latest research found that 67% of low-income rent-stabilized tenants struggle to make ends meet.
- The data showed landlords' net operating income increased 6.2% last year and more than 30% over the last three years.
- The vote followed months of public hearings, reviews of economic and financial data, and testimony from tenants and landlords.
On June 25, the New York City Rent Guidelines Board (RGB) voted to freeze rents for one- and two-year leases in the city's approximately one million rent-stabilized apartments.
The decision reflects the economic realities facing rent-stabilized tenants across New York City: rents have been rising faster than incomes, and tenants have been struggling while landlords have continued to profit.
Here are four data-driven reasons that point to why a rent freeze was the correct decision.
Rent-Stabilized Tenants Cannot Afford Another Increase
Rent-stabilized apartments are the most important source of housing for New Yorkers with low incomes, and many tenants living in these homes are struggling to make ends meet.
According to CSS's most recent Annual Survey of Housing and Economic Stability:
- 67 percent of rent-stabilized tenants said they are struggling to get by financially
- 83 percent said they have little or no savings
- More than half (55 percent) said they cannot afford an unexpected emergency expense
When we asked low-income New Yorkers living in rent-stabilized housing which issues they want NYC's leaders to focus on, 56 percent chose "reducing the cost of housing" as the runaway top choice. (Reducing street homelessness was second at 18 percent.)
These findings paint a clear picture of financial insecurity. For many households, even a modest rent increase would mean making difficult tradeoffs between housing and other necessities such as food, transportation, health care, and utilities.
The Need for Relief is Especially Urgent in the Bronx
The Bronx is home to the highest concentration of rent-stabilized apartments and also some of the toughest economic conditions. Unemployment rates and poverty rates are highest in the Bronx compared to other boroughs, and on average, tenants in the Bronx saw their incomes actually go down by over five percent last year, when accounting for inflation.
For the hundreds of thousands of rent-stabilized households in the Bronx, a rent freeze offers stability at a time when many families are already struggling to keep pace with the rising cost of living.
Data Shows That Rent-Stabilized Landlords Remain Financially Stable
Landlords are not facing a widespread financial crisis.
Net operating incomes for rent-stabilized apartments went up 6 percent over the past year, following increases of 12 percent and 10 percent in the previous two years. In total, this compounds into an overall net operating income growth of more than 30 percent over the past three years.
At the same time, rent collection rates have increased citywide while the share of distressed buildings declined and remains at the historical median for the last 35 years.
The Long-Term Trends Support a Freeze
Over the long term, the Rent Guidelines Board's data shows that landlords' finances have remained strong while rents have consistently risen.
According to the RGB's 2026 Income and Expense Study, landlords' net operating income has increased by 56.6 percent since 1990 after adjusting for inflation. In Brooklyn, net operating income has gone up by 168 percent over the same period.
These long-term trends demonstrate that rent-stabilized housing has remained profitable over time. While operating costs have fluctuated, landlords' incomes have grown substantially in the short- and long-term term, even after accounting for inflation.
Frequently Asked Questions
What did the Rent Guidelines Board (RGB) vote to do?
The Rent Guidelines Board voted to freeze rents for one- and two-year leases in New York City's approximately one million rent-stabilized apartments.
How many apartments are affected?
The decision applies to approximately one million rent-stabilized apartments in New York City. It does not affect any other units.
Who lives in rent-stabilized housing?
Rent-stabilized apartments are open to all New Yorkers who can afford them, but they house a significant share of New York City's low- and moderate-income households and are one of the city's most important sources of low-cost housing. These units house the largest number of low-income tenants of any housing type in the city, as well as the largest numbers of Black and Latino New Yorkers.
What is the CSS Annual Survey of Housing and Economic Security?
The CSS Annual Survey of Housing and Economic Security surveys New Yorkers statewide every year on issues such as housing, employment, public benefits, finances, and policy views. The most recent edition surveyed 4,000 adults, including 2,000 New York City residents, between September 9 and October 2, 2025. The margin of error is +/- 1.55% at the 95% confidence level.
What is net operating income (NOI)?
Net operating income (NOI) is a measure of a building's income after operating expenses are paid. It does not account for debt service. The Rent Guidelines Board uses NOI as a key indicator of buildings' financial conditions.
How often does the Rent Guidelines Board vote on rents?
The Rent Guidelines Board votes annually on allowable rent increases for rent-stabilized apartments after reviewing economic data and holding public hearings. This year's decision applies only to eligible rent-stabilized lease renewals that commence on or after October 1, 2026 through September 30, 2027.