NEW YORK (BLOOMBERG) — Outgoing Mayor Eric Adams has named four members to the Rent Guidelines Board, potentially jeopardizing Mayor-elect Zohran Mamdani’s vow to freeze rents on 1 million stabilized apartments.
A fifth board member will carry over their term on the nine-member panel into 2026, leaving Mamdani to contend with a majority who were selected by Adams. The current mayor has raised concerns about the incoming mayor’s plans to freeze rents.
Mamdani’s success will hinge in part on who sits on the powerful board, which decides on rent hikes, and a stacked panel could constrain his push for a freeze, at least in the first year of his term. Earlier this year the board approved a 3% price increase for one-year leases by a narrow margin.
Landlords and business groups argue that, despite rising rents on price-stabilized units, rental income isn’t keeping pace with faster inflation and escalating expenses. They contend Mamdani’s proposal would devastate property finances and ultimately reduce housing supply. Tenant and housing advocates, by contrast, say a rent freeze is crucial relief after years of increases…