New York City Rent Guidelines Board Freezes Rent Increases for Stabilized Apartments
The New York City Rent Guidelines Board (RGB) has voted to implement a 0% increase for both one-year and two-year leases on approximately one million rent-stabilized apartments. This decision, effective for leases starting between October 1, 2026, and September 30, 2027, marks the first time in the board's history that a two-year lease increase has been frozen. Rent stabilization in New York is a form of rent regulation that limits how much a landlord can raise rent, guarantees lease renewal rights, and restricts evictions to legally specified reasons. It primarily covers buildings with six or more units built before 1974, as well as newer buildings that received certain tax benefits. The system operates under a declared housing emergency, which is renewed based on the city's rental vacancy rate, currently at 1.41%. While the annual guideline is frozen, rents can still increase through state-approved Major Capital Improvements (MCIs) and Individual Apartment Improvements (IAIs). The 2019 Housing Stability ...
