Brooklyn

How NYC’s 2026 rent freeze is different from past rent freezes + New affordable housing lotteries with rent-stabilized units

Rialto West (Douglaston Development)

Friday, Jul 10, 2026 By Cait Etherington

New York City's Rent Guidelines Board recently delivered welcome news to hundreds of thousands of New Yorkers--a freeze on rent increases on rent-stabilized apartments for the 2026–2027 lease year. While this isn't the first time in recent history that the board has decided not to increase rents, the 2026 vote is still historically significant.

Previous rent freezes

Since 2000, the Rent Guidelines Board has approved a 0% increase only four times. The first three of those decisions applied only to one-year lease renewals, but the fourth, approved in June 2026, represents the first to apply to both one- and two-year renewal leases. This freeze is also significant due to the fact that in recent years, the number of rent-stabilized apartments is now nearly equal to that of unregulated units.

Chart of types of rental apartments in New York City

Types of rental apartments in New York City (The City)

Why the Rent Guidelines Board decision matters

For rent-stabilized tenants, the vote provides predictable housing costs regardless of whether they choose a one- or two-year lease. This may lead to more New Yorkers staying put in their current units. It may also help to keep more rent-stabilized units qualifying as such, since in the past, high turnover was often used to price units out of their rent-stabilized status.

For landlords, the decision means renewal income will remain flat for an entire lease cycle, regardless of lease length, at a time when operating expenses are spiking. There are already signs that landlords are unhappy with the decision.

Christina Smyth, a landlord representative who served on the Rent Guidelines Board until late June, resigned in protest only hours before the vote. In a resignation letter dated June 25, 2026 that she later shared on LinkedIn, Smyth explains she chose to resign because, "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." Smyth's letter of resignation also explains that the Rent Guidelines Board is failing to account for data, even its own data, on the rising cost of managing residential properties in New York City:

"Here is what the board’s own research shows: Operating costs for rent-stabilized buildings have risen faster than inflation. Insurance is up. Property taxes are up. Fuel, water, and labor are up. The NYC Water Board, just last week, voted for a 6% increase for Fiscal Year 2027, right when the freeze will be in full swing. Net operating income is falling. Buildings are running out of room to absorb these costs. This is not the landlord lobby or the landlord’s only actual representative on the current board talking. This is the board’s own staff, in the board’s own reports. Despite this data, we are here, with the board considering a zero percent adjustment on both one-year and two-year leases."

Today’s economic context

While most renters are understandably excited about the proposed freeze on one- and two-year leases, it will come into effect under very different economic conditions than those of other recent freezes.

The 2015 and 2016 freezes followed years of relatively low inflation and came as housing affordability became a central political issue under then-Mayor Bill de Blasio. While operating costs for building owners were already increasing, inflation was stable. The 2020 freeze was adopted during the early days of the COVID-19 pandemic, when unemployment was on the rise, and there were growing concerns about mass evictions. As a result, the decision was widely viewed as emergency relief.

By contrast, the 2026 freeze arrives under profoundly different circumstances. Rather than responding to a sudden economic collapse, it comes after years of rising rents and surging operational costs. The reality is that both renters and landlords are facing surging costs due to inflation, as well as the City’s new rules for building owners, which include more frequent facade inspections and, depending on the size of the building, carbon reduction requirements due to Local Law 97.

Will the rent freeze drive market-rate rents up?

One common question is whether freezing rents on stabilized apartments causes landlords to raise rents on market-rate units. Historically, there is little evidence that this happens. Market-rate rents are largely determined by broader supply-and-demand conditions, including vacancy rates and new housing construction activity.

While individual landlords with mixed property portfolios may attempt to offset lost revenue by charging more for market-rate apartments, they can only do so if the market supports those increases. The dramatic rise in market-rate rents during 2021 and 2022, for example, followed the pandemic-era rent freeze but was driven primarily by the city's reopening, extremely low vacancy rates, and surging demand—not by the freeze itself.

Whether the 2026 freeze proves to be a one-time measure or the beginning of a broader shift in rent stabilization policy remains to be seen. For now, all we know is that as promised by Mayor Mamdani during his 2025 campaign, there will be no rent increases on one- or two-year leases in 2026-2027, marking a historic milestone in the City’s nearly six-decade history of rent stabilization.

In the meantime, as the following projects show, rent-stabilized apartments in desirable neighborhoods in Manhattan and Brooklyn continue to come on the market through the city and state's affordable housing programs. Please be advised that CityRealty is not affiliated with the lotteries.

Rialto West, Hell's Kitchen/Midtown West
509 West 48th Street
Developed by Douglaston Development and Entertainment Community Fund
Design by S9 Architecture
8 stories | 159 units
Studios to three-beds from $1,013 - $4,843
Lottery deadline: July 20, 2026

509 West 48th Street, Hell's Kitchen apartments

Rialto West (Housing Connect)

For years, the vacant lot on the western side of Tenth Avenue between West 48th and 49th Streets has been known as "the DEP site" for the Department of Environmental Protection's use of it for the maintenance of water infrastructure. But it is now home to Rialto West, a new mixed-use development where new rent-stabilized apartments start on top of a 6,000-square-foot rehearsal and coworking space for artists operated by IndieSpace. NYC Parks broke ground on Lorraine Hansberry Plaza, new public green space on the property in May 2026, and a housing lottery is underway.

Fifteen percent of apartments are reserved for the formerly homeless, and the remaining apartments are rent-stabilized units for households earning 50 to 140 percent of the Area Median Income. All interiors feature oversized windows, high-end finishes, and central heating and air conditioning. Residential amenities include a fitness center and a central laundry room. Pets up to 40 pounds are welcome, and Rialto West is a smoke-free building.

Rialto West, May 2026 (CityRealty)

The Fleet, Downtown Brooklyn
Developed by Jay Group | Design by J Frankl Architects
30 stories | 450 units
Studios to three-beds from $2,063 - $2,616
Lottery deadline: July 27, 2026

The Fleet, Downtown Brooklyn rental complex

The Fleet (REAL New York)

The Fleet is one building with five street addresses in a prime Downtown Brooklyn location near Fort Greene Park, Long Island University, City Point dining and retail (including Trader Joe's and Alamo Drafthouse Cinema), and 11 subway stops allowing for convenient access almost anywhere in Manhattan and Brooklyn. Market-rate leasing is underway at 104 Fleet Place and 106 Fleet Place, and affordable lotteries are taking place at 104 Fleet Place, 106 Fleet Place and 163 Willoughby Street.

All interiors feature abundant natural light from floor-to-ceiling windows, herringbone wood floors, sleek designer kitchens, spa-inspired baths, central heating and air conditioning, and in-unit laundry. Residents arrive to a double-height attended lobby, and over 50,000 square feet of amenities include a fitness center, a rock climbing wall, a spa with sauna and steam room, a pickleball court, table and VR game rooms, a coworking lounge, a children's playroom, a pet spa, a lounge with dining room and kitchen, and a rooftop pool with views of Downtown Brooklyn.

Verdant Fort Greene
240 Willoughby Street
Developed by Fetner Properties | Design by Fischer Rasmussen Whitefield Architects
30 stories | 300 units
Studios to two-beds from $2,990 - $4,376

Verdant Fort Greene (Fetner Properties)

Directly across from Fort Greene Park, Verdant Fort Greene is set apart by its glassy facade with gold-hued framework. An affordable lottery took place in summer 2025, and rent-stabilized apartments for households earning up to 130 percent of the Area Median Income have recently come on the open market.

All apartments feature open-concept layouts, floor-to-ceiling windows, wide-plank wood floors, kitchens with stainless steel appliances, built-in Bluetooth speaker systems, and in-unit laundry. Over 30,000 square feet of indoor and outdoor amenities include a fitness center with yoga studio, video game and sports simulator rooms, a game room with shuffleboard, Ping-Pong, and billiards tables, a screening/karaoke room, a coworking lounge, a party room with catering kitchen, a pet spa with dog run, a children's playroom, and a landscaped roof deck. Additional conveniences include bike storage and on-site parking, though the building is located in close proximity to twelve subway lines offering easy access to much of Manhattan and Brooklyn.

645 Park Place, Crown Heights
Developed by RW 705 Franklin LLC | Design by DXA Studio
8 stories | 60 units
One- to two-beds from $1,929 - $4,349
Lottery deadline: July 20, 2026

645 Park Place (Nancy Packes Inc.)

645 Park Place is a boutique-scale rental located in close proximity to Prospect Park, Brooklyn Botanic Garden, the Brooklyn Museum, and popular restaurants lining Franklin Avenue. All apartments were designed with the modern renter in mind with features like custom solar shades on oversized windows, smart thermostats, thoughtfully designed kitchens with stainless steel appliances, and in-unit laundry. Select units have work-from-home areas and/or private outdoor space.

The penthouse floor of 645 Park Place is home to a fitness center and a lounge with access to a south-facing terrace with 360-degree views of Brooklyn. Additional conveniences include virtual concierge service, a secure package room, bike storage, and a covered parking garage. The building welcomes pets, including large dogs, and has a smoke-free policy.

Nevins Landing South, Gowanus
417 Carroll Street
Developed by Charney Companies and Tavros | Design by Fogarty Finger
17 stories | 306 units
Studios to three-beds from $1,087 - $4,037
Lottery deadline: July 28, 2026

Nevins Landing South (Housing Connect)

At the northern end of the Gowanus Canal Esplanade, between the Carroll Street and Union Street Bridges, the Gowanus Wharf complex is poised to create a robust community with retail, artistic studio space, outdoor green space, and new residences. Market-rate leasing is underway at Douglass Port and Union Channel, and an affordable lottery is taking place at Nevins Landing South, the smaller of the two towers comprising the forthcoming Nevins Landing development.

All residences feature open-concept layouts, contemporary finishes, high-end kitchen appliances, smart thermostats, and in-unit laundry. An array of lifestyle amenities includes a fitness center with yoga studio, coworking and recreation lounges, and outdoor space with grilling areas; additional conveniences include a package room and bike storage. Pets are allowed, though aggressive breeds are not.

Verdant Fort Greene Leasing

Verdant Fort Greene Leasing
Verdant Fort Greene
240 Willoughby Avenue
New York, NY 11201

(929) 260-XXXX

Map

Building Website

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Contributing Writer Cait Etherington Cait Etherington has over twenty years of experience working as a journalist and communications consultant. Her articles and reviews have been published in newspapers and magazines across the United States and internationally. An experienced financial writer, Cait is committed to exposing the human side of stories about contemporary business, banking and workplace relations. She also enjoys writing about trends, lifestyles and real estate in New York City where she lives with her family in a cozy apartment on the twentieth floor of a Manhattan high rise.

Read Full Bio | Contact Cait Etherington

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