Yesterday, June 30, 2025, the New York City Rent Guidelines Board (RGB) voted to approve rent increases for stabilized apartments and lofts under Apartment and Loft Order #57. The decision comes on the heels of Assemblymember Zohran Mamdani’s unexpected win in the Democratic mayoral primary, a candidate whose platform calls for a full rent freeze and sweeping tenant protections.

Under the new guidelines, one-year leases starting between October 1, 2025, and September 30, 2026, can increase by 3%, while two-year leases can rise by 4.5%. These increases apply to rent-stabilized apartments and eligible lofts across the city. Meanwhile, rent-stabilized hotel units will see a 0% increase, effectively freezing rents in that category.

For those unfamiliar, the RGB is a nine-member board established under the Rent Stabilization Law. It’s responsible for setting rent adjustments on nearly one million regulated units in NYC. Members are appointed by the mayor and include two tenant reps, two landlord reps, and five public members. Their job is to strike a delicate balance between keeping housing affordable and ensuring buildings remain financially viable to operate and maintain.

In the current political climate, the Board’s vote is being read by many as a sign of independence, grounded in data and testimony rather than politics. With a Mamdani administration potentially on the way, this could be the last rent increase for the foreseeable future. One thing is clear: housing policy will be front and center in New York City for the next several years.