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NYC Rent Guidelines Board votes to freeze rent of rent-stabilized apartments

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NYC Rent Guidelines Board votes to freeze rent of rent-stabilized apartments

The New York City Rent Guidelines Board (RGB) voted 7-1 on Thursday to freeze the rent for rent-stabilized apartments.

A summary of the rent-stabilized apartment guidelines adopted on Thursday indicates that “Together with such further adjustments as may be authorized by law, the annual adjustment for leases for apartments shall be” 0% for one-year and two-year leases starting “on or after October 1, 2026, and on or before September 30, 2027.”

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New York City Mayor Zohran Mamdani, whose prominent rent-freezing pledge marked a key plank of his Big Apple mayoral campaign last year, issued a statement hailing the board’s move.

“This is a historic victory for New York City tenants. After reviewing the data and hearing from New Yorkers across the city, the independent RGB has delivered a freeze on one-year leases, and the first-ever freeze on two-year leases in our city’s history. This is the relief that working people across our city deserve,” the mayor declared in the statement.

KEN GRIFFIN FIRES BACK AT MAMDANI, SAYS BUSINESS LEADERS MUST ‘FIGHT FOR THEIR CITY’

New York City Mayor Zohran Mamdani

New York City Mayor Zohran Kwame Mamdani delivers a speech during a reception hosted at Gracie Mansion to celebrate Juneteenth in New York on June 16, 2026. (Selcuk Acar/Anadolu via Getty Images / Getty Images)

“I’m grateful for the board members’ thoughtful consideration of the data, including tenants’ ability to pay, cost of living and building operating costs. I’ll continue working to deliver a more affordable city by building and preserving affordable housing, lowering building operating costs like insurance, and ensuring tenants know their rights,” he added.

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The board is stacked with six people appointed by Mamdani.

“Chantella Mitchell will serve as the Chair of the RGB; Sina Sinai, Lauren Melodia and Brandon Mancilla have been appointed as public representatives; Maksim Wynn will serve as an owner representative; and Adán Soltren has been reappointed as a tenant representative,” a February press release noted. “They join Arpit Gupta, Christina Smyth and Sagar Sharma on the nine-member board.”

MAMDANI-BACKED SOCIALIST WINS IN NEW YORK EXPOSE GROWING RIFT BETWEEN DEMOCRATIC ESTABLISHMENT, INSURGENT LEFT

Rent Guidelines Board Chair Chantella Mitchell

Chantella Mitchell, chair of the Rent Guidelines Board, speaks prior to a vote by the Rent Guidelines Board in New York on Thursday, June 25, 2026. (Adam Gray/Bloomberg via Getty Images / Getty Images)

Smyth issued a statement announcing her immediate resignation on Thursday morning, prior to the board’s vote later that day.

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“I am resigning because the process I was appointed to take part in is not administered the way the law requires. The Rent Guidelines Board has stopped being a fact-finding body. It has become a body that starts with an answer and vibe codes its way backward to justify it,” she asserted in a statement.

“This year’s RGB order was decided last year on the campaign trail. Then in February, the Mayor appointed six of the nine members of this board. This rebuilt board was required to deliver a rent freeze. Everything since has been theater. The hearings, the reports, the public comment, the data. None of it was ever going to change the result,” she declared.

SOCIALISM VS CAPITALISM: HOUSE DEMS CLASH OVER WHAT NY ELECTION RESULTS MEAN FOR PARTY

New York City Mayor Zohran Mamdani

New York City Mayor Zohran Mamdani speaks during a primary-night watch party for NYC Congressional candidate Claire Valdez at 99 Scott Studio on June 23, 2026, in the East Williamsburg neighborhood of the Brooklyn borough in New York City. (Michael M. Santiago/Getty Images / Getty Images)

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The board “is mandated to establish rent adjustments for the approximately one million dwelling units subject to the Rent Stabilization Law in New York City,” according to the city.

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Client Sues Commonwealth Financial Over Low-Paying Sweep Accounts. He’s Seeking Class Action Status.

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Client Sues Commonwealth Financial Over Low-Paying Sweep Accounts. He’s Seeking Class Action Status.

Client Sues Commonwealth Financial Over Low-Paying Sweep Accounts. He’s Seeking Class Action Status.

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Broadstone Net Lease Stock: Investment-Grade Diversified REITs Margins Recover (NYSE:BNL)

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Broadstone Net Lease Stock: Investment-Grade Diversified REITs Margins Recover (NYSE:BNL)

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Albert Anthony is the pen name of a business author on Amazon and his newest book is “How To Pick Stocks: 8 Steps For Long-Term Investing with Fundamental & Technical Analysis,” now available as a 2026 edition paperback and Kindle ebook in several regions including the US, UK, Canada, and Europe. The author is an analyst & contributor for investing platform Seeking Alpha since 2023, where he has nearly 2,000 followers and has covered hundreds of stocks in multiple sectors including banks/financials, REITs, insurance, pharma, and more. He has also written for platforms like Investing dot com, and has taken part in many business conferences includes Bloomberg Adria’s Investment Outlook 2026 as well as Money Motion 2026. Albert Anthony has Croatian-American roots, having grown up in the US and living in the NYC/New Jersey area as well as the Austin Texas area while working in enterprise IT roles at several prominent companies, including a top 10 financial firm. The author earned a B.A. from Drew University, and also completed certifications from Microsoft, CompTIA, and Corporate Finance Institute where he earned the specialization in risk management. He is founder of a boutique equities research firm, Albert Anthony & Company, which is a trade name both in the US and Croatia. Besides his writing and analyst work, the author has been active on camera as well, as a film/TV extra for casting agencies in Croatia/Europe, and also took part in roundtable panel discussions and appeared in several media stories in that region. You can also check out the author’s video content on the Albert Anthony channel on YouTube where he discusses investing topics, @author.albertanthony Please note: The author does not write about non-publicly traded companies, small cap stocks, crypto, or startup CEOs, so any such mail received and pitches from PR agencies will be deleted. Any official mail to the author should be sent to albertanthony.info@gmail.com. *Author Disclaimer: Albert Anthony and Albert Anthony & Co, is a US-based sole proprietorship registered as a trade name in Austin, Texas, and a sole proprietor registered in Croatia. The author nor his company are registered financial advisors and do not provide personalized financial advisory services to clients and do not manage client assets but provide general markets commentary and research as well as actionable insights based on publicly-available data and their own analysis. The author does not sell or market financial products and services, nor is compensated by any company for rating them. The author does not hold any material position in any stock he rates at the time of writing, unless otherwise disclosed. All investment is assumed to be at risk and readers are expected to do their due diligence beyond the scope of this author’s commentary, agreeing to indemnify the author of any liability for potential investment losses.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Sandisk Stock Limps Along. The Micron Earnings Afterglow Is Gone.

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Sandisk Stock Limps Along. The Micron Earnings Afterglow Is Gone.

Sandisk Stock Limps Along. The Micron Earnings Afterglow Is Gone.

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Dow, Nasdaq Turn Lower to Wrap Wild Week

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Stocks Little Changed After Fed Decision

Sideways trading for stocks continued heading into the final hour of the week.

The Dow was down 40 points, or 0.1%. It would be rising if not for steep drops in Goldman Sachs and Caterpillar, which are two of the largest stocks in the stock-price-weighted index.

The S&P 500 was flat amid struggles for chip stocks and other 2026 winners. The Nasdaq was down 0.2%.

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Palantir Stock Could Snap 7-Day Losing Streak. Cathie Wood’s ARK Bought the Dip.

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Palantir Stock Could Snap 7-Day Losing Streak. Cathie Wood’s ARK Bought the Dip.

Palantir Stock Could Snap 7-Day Losing Streak. Cathie Wood’s ARK Bought the Dip.

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Tech Took a Header. The Rest of the Market Marched On.

Tech Took a Header. The Rest of the Market Marched On.

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SEC Settles Charges With Advisor Who Falsely Promised Investors Pre-IPO Shares of Anduril

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SEC Settles Charges With Advisor Who Falsely Promised Investors Pre-IPO Shares of Anduril

SEC Settles Charges With Advisor Who Falsely Promised Investors Pre-IPO Shares of Anduril

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Australia toughens kids’ social media ban, doubles potential penalties for tech firms

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Australia toughens kids’ social media ban, doubles potential penalties for tech firms


Australia toughens kids’ social media ban, doubles potential penalties for tech firms

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The Magnificent 7 Are Facing Magnificent Worries

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The Magnificent 7 Are Facing Magnificent Worries

The Magnificent 7 Are Facing Magnificent Worries

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Airline Earnings Are Set for Takeoff. The Stocks May Get Left Behind.

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Airline Earnings Are Set for Takeoff. The Stocks May Get Left Behind.

Airline Earnings Are Set for Takeoff. The Stocks May Get Left Behind.

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