Landlords’ Income Up 12% After Three Years Of Rent Increases Under Adams-Appointed Board; Tenants Demand Next Mayor Freeze the Rent
NEW YORK – The Rent Guidelines Board (RGB) released its 2025 Income and Expense Study today, finding that landlords’ Net Operating Income has increased 12.1% – supporting tenants’ calls for a rent freeze.
The Rent Guidelines Board is a mayor-appointed board that determines rent increases for over 2.4 million rent stabilized tenants each year. Mayor Adams’s Rent Guidelines Board has raised rents on New York City’s three years in a row, while Mayor de Blasio instructed his board to freeze rents three times. The RGB will announce its final decision on rent adjustments in June.
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“There’s no dispute: today’s report release shows that a rent freeze is necessary and more than justified. While one in four New Yorkers is struggling to afford groceries and housing, landlords’ income is rising. Another real estate-backed mayor who will put profits for their donors and cronies ahead of tenants will only exacerbate the crisis we’re in. 70% of New Yorkers are tenants and we have the power to decide who becomes the next mayor. That alone should convince every mayoral candidate to freeze the rent,” said Cea Weaver, director of the New York State Tenant Bloc.
Tenants across New York City are struggling with skyrocketing rents, while landlords’ profits continue to grow. This new report confirms what tenants have been saying all along— that we need a rent freeze now. Anything less would be a direct attack on the stability of millions of New Yorkers who make this city what it is,” said Joanne Grell, rent stabilized tenant in the South Bronx and co-chair of the Freeze the Rent Campaign.
“We are unsurprised by the RGB’s report that landlord incomes have risen by 12%. As a union of tenants, we have borne the brunt of rent increases every single year under Mayor Adams. As a union of tenants, we have faced harassment, eviction, displacement, and impossible choices to keep up with the rapidly rising cost of rent. We want NYC’s next mayor to hear us loud and clear: the time for a four-year rent freeze is now.” said Sasha Wijeyeratne, Executive Director of CAAAV Voice.
The call for a rent freeze has emerged as a key issue in the New York City mayoral race. Housing affordability was named voters’ top concern in a February poll from Gotham Polling.
Three mayoral candidates have fully committed to freezing the rent if elected mayor: Assemblymember Zohran Mamdani, State Senator Jessica Ramos, and former Assemblymember Michael Blake. New York City Comptroller Brad Lander has also said he will support a rent freeze if the data supports it. District Council 37, the city’s largest public sector union, asked candidates their stances on a rent freeze at their mayoral forum last month.
The NYS Tenant Bloc has launched a campaign to organize 20,000 tenant voters to vote only for mayoral candidates who will freeze the rent. Since February, hundreds of tenants have canvassed across New York City, collecting thousands of petition signatures demanding that candidates commit to a rent freeze.
