On February 18, 2026, Mayor Zohran Mamdani announced the appointment of six (6) members to the nine (9) member Rent Guidelines Board (“RGB”), which makes his “Freeze the Rent” election campaign promise one step closer to fruition.
  

As a point of reference, the Rent Guidelines Board consists of two (2) members appointed to represent tenant interests; two (2) members appointed to represent owner interests; and five (5) members — including the Chairperson — appointed to represent the general public.

The three (3) members who will continue to serve on the Rent Guidelines Board are:

Mayor Mamdani’s appointees include the following individuals:

Mayor Mamdani issued the following statement concerning the appointment of the new RGB members: “I’m proud to appoint these housing, finance, and budget experts to fill the open seats on the Rent Guidelines Board. I’m confident that, under the leadership of Chantella Mitchell as chair, the board will take a clear-eyed look at the complex housing landscape and the realities facing our city’s two million rent-stabilized tenants, and help us move closer to a fairer, more affordable New York. At a moment when so many families are struggling to stay in their homes, this work could not be more important.”

Notwithstanding the composition of the current Board, the Rent Guidelines Board is intended to function as an independent public body charged with determining the annual rent adjustments applicable to rent-stabilized apartments, loft units, and single-room occupancy (“SRO”) accommodations.  Over the next few months, the RGB will conduct research, analyze data, and hold public meetings and hearings, during which it will receive testimony from various stakeholders, including tenants, owners, elected officials, lobbyists, attorneys, and subject-matter experts, in formulating its adjustment determination.  

During this deliberative process, the RGB will consider numerous statutory and economic indicators that may support the Mayor’s “Freeze the Rent” platform, including the financial condition of the rent-stabilized housing sector, prevailing cost-of-living data, housing supply metrics, financing costs, and tenants’ ability to make monthly rent payments.  Once a final vote has been rendered, the Rent Stabilization Code requires that the Board’s Orders, together with its findings, be filed no later than July 1st.

Within the past decade, the RGB has issued only three Orders establishing a 0% increase for one-year renewal leases (i.e., October 1, 2015 – September 30, 2016; October 1, 2016 – September 30, 2017; and October 1, 2020 – September 30, 2021).  Notably, in each of those Orders, the RGB authorized rent increases for two-year renewal terms. It remains unclear whether the “Freeze the Rent” platform is intended to apply to both one- and two-year rent adjustments.
 

Notwithstanding its status as an independent body, should the newly reconstituted Board issue an Order implementing a rent freeze, that determination would remain in effect unless timely challenged within four (4) months of its issuance. Any such challenge would take the form of an Article 78 proceeding, and the Order would remain operative unless and until a court of competent jurisdiction determines that it is unlawful.

Given the Mayor’s appointment of six (6) new members to the RGB, there is a meaningful possibility that the Board’s current composition could support implementation of his “Freeze the Rent” initiative. At the same time, the circumstances surrounding such an Order could provide grounds for commencing an Article 78 proceeding challenging the Board’s determination.  Despite the speculative nature of the coming months, one point is clear: Mayor Mamdani is moving closer to fulfilling his central campaign promise — to “Freeze the Rents!”

The question remains: if the Rent Guidelines Board freezes rents, Mayor Mamdani succeeds in instituting a 9.5% increase in New York City property taxes, insurance costs continue to rise, and additional initiatives — including “Rental Ripoff Hearings” — are advanced, upon whom can owners rely on to avoid greater financial hardship including possible insolvency.

In that environment, owners must look to experienced rent regulatory counsel who understand the complex interplay between rent regulation, operating expenses, and long-term asset preservation. Strategic planning and informed legal guidance may prove indispensable in safeguarding both liquidity and the continued viability of regulated properties.

For more information, please contact the attorneys at Warshaw Burstein, who are available to assist you.
This article was written by Samuel R. Marchese, Partner, Rent Regulatory and Administrative Law Practice.