New York City's Rent Guidelines Board (RGB) members indicated their intent to approve a rent freeze in May, signaling a potential fulfillment of a key campaign pledge by Mayor Mamdani. The board's initial meeting of the year coincided with the release of an RGB report that has fueled a contentious debate between tenant advocates and property owners.

The report found that buildings containing rent-stabilized apartments experienced a revenue increase exceeding 6%. Mayor Mamdani highlighted these findings in a social media video, urging New Yorkers to participate in the historically technical RGB process. He emphasized the importance of tenants sharing their experiences regarding rent and advised landlords to communicate the costs associated with owning and operating rent-stabilized properties. The nine-member board includes six appointees by Mayor Mamdani, a democratic socialist who campaigned on the promise of a rent freeze.

However, landlords and developers have sharply criticized the report's methodology and findings, asserting that Mayor Mamdani has unduly influenced the board. Ann Korchak, president of Small Property Owners of New York, stated that the process should be fair and not "cheapened." Kenny Burgos, CEO of the New York Apartment Association, contended that the report's profit figures were skewed by the inclusion of a small number of highly profitable luxury apartments, which he argued distorted the overall data. Humberto Lopes, CEO of Gotham Alliance, who manages 15 rent-regulated buildings in Brooklyn, also questioned the report's accuracy, pointing to rising property taxes over eight consecutive years and a significant number of buildings facing foreclosure. Lopes suggested the mayor was creating a narrative that unfairly demonizes landlords.

The RGB report also revealed that 9.2% of rent-stabilized buildings are classified as distressed, a slight decrease from 9.3% in the previous year, according to Brian Hoberman, RGB co-research director. Landlords expressed concern that a rent freeze would further hinder their ability to maintain these run-down units. The report's data on distressed properties, however, covers only approximately 18,000 of the city's 50,000 buildings, as properties with 11 units or fewer are not mandated to report their finances to the city.

The Rent Guidelines Board is scheduled to hold its first vote on the proposed rent freeze during its May 7 meeting.