Mayor Zohran Mamdani’s pledge to halt hikes for nearly one million rent‑stabilized units comes to a head as the Rent Guidelines Board convenes Thursday for its initial vote. Members will set ranges for one‑ and two‑year leases, with a potential freeze starting at 0 percent. A final decision is slated for June 25 after a full economic review.

The board’s analysis will weigh tenant incomes, wage trends, inflation and the city’s housing supply. Median asking rent for a new lease hit $4,120 in April, up from $2,800 in 2019, underscoring the steep affordability squeeze. Last year’s approved increases were 3% on one‑year and 4.5% on two‑year contracts, fueling landlord‑tenant tensions.

All nine board members are mayoral appointees, giving Mamdani a favorable majority, yet the panel is required to act independently. Landlord groups warn a freeze could erode funding for maintenance, while tenant coalitions demand rent cuts, citing profit‑driven rent hikes. The board’s June ruling will directly affect cash flow for property owners and affordability for low‑ and middle‑income renters.