Majority of New Yorkers Support Rent Freeze

NEW YORK – This morning, the NYC Rent Guidelines Board (RGB) held its second public meeting to discuss the findings of the 2026 Mortgage Survey and Price Index of Operating Costs (PIOC) report. The RGB’s newly released data found that economic conditions are improving for landlords. Mortgage rates have decreased, meaning landlords are paying less to the bank, and the share of non-performing loans has decreased. Sales of rent stabilized buildings have increased, and sale prices for rent stabilized buildings also rose for the first time since 2022. 

The PIOC report measures the changes in cost of goods and services needed to operate and maintain rent-stabilized units. This year’s report found that property tax assessments and insurance are driving landlord costs. The RGB receives no comparable official report on cost changes for tenants, even as the price of food, transportation, and healthcare rise and wages remain stagnant. Tenants are demanding a rent freeze for the 2.4 million tenants living in rent stabilized units in the city. 

Sumathy Kumar, NYS Tenant Bloc Director, released the following statement in response to the meeting: 

“Landlord profits are up after years of rent increases, but they are still demanding more. Landlords keep crying about operating costs even as our rent money lines their pockets or helps them finance another loan. Tenants are paying off landlord debts while we wait months for basic repairs. Enough is enough. Tenants are the majority of New York City and we are winning the rent freeze we deserve.”

Background:

Data in the Rent Guidelines Board’s 2026 Income and Expense report shows that landlord incomes rose 6.2% from 2023 to 2024, following increases of 12.1% and 10.4% in the prior two years. Over the past three years, Net Operating Incomes (NOI) have risen by nearly 30%, while tenants continue to struggle to make rent. Average rent collections increased 4.8%, while the share of distressed properties remained steady. 

Housing costs are the #1 driver of inflation and people’s biggest expense each month. A 2025 survey by the Community Service Society showed that half of rent stabilized tenants are struggling to make ends meet, and two-thirds lacked emergency savings. 37% of very low-income NYC households live in rent stabilization – three times more than live in public or subsidized housing.

In November, more than one million tenants voted for Mayor Mamdani’s promise to make the city more affordable and freeze the rent. Analysis from the Community Service Society shows a rent freeze would save New Yorkers up to $7 billion or an average of nearly $600 per month. 78% of New Yorkers support a rent freeze, according to a 2025 Data for Progress Poll. 

More than half a million people left NYC between 2020 and 2023 in search of lower housing costs. New York’s Black population has decreased by almost 200,000 people over the past 20 years because of the high cost of living. In NYC, Black and Latino New Yorkers live in rent-regulated housing at higher rates than any other group.

Landlords say they cannot maintain buildings without raising the rent, but according to a 2023 analysis from the Community Service Society, most tenants saw no improvement to their building or apartment, despite rent increases. Housing distress is not limited to rent regulated tenants. 65% of New York City tenants experienced a housing quality issue in the past three years.