With less than a month before the New York City mayoral election, Zohran Mamdani appears set to replace the embattled Eric Adams and write a new chapter in the history of the busy metropolis, which he has promised to make more affordable for its residents—especially renters.
But experts are warning that, even if Mamdani keeps his promise to freeze rents in New York City, another growing problem could chip away at any savings delivered to residents: rising home insurance premiums.
While the rent freeze has been framed as relief for tenants, rising insurance costs may emerge as a new affordability killer in New York City, housing experts and economists told Newsweek, undoing any savings tenants might have gained from a cap on rent.
What Are the Challenges Faced by NYC Renters?
New York is an expensive city for both tourists and residents—but it is especially bad for renters, who pay a significantly higher price for their units than the average American. According to Zillow, the average rent for all bedrooms and all property types in New York is $3,595, compared to the national average of $2,000…