Freeze the Rent”: Can Zohran Mamdani’s Radical Proposal Fix New York’s Housing Crisis — or Break It?

In 2025, New York City’s real estate debate has taken a sharp turn — and this time, it isn’t about record-breaking luxury condos or billion-dollar development deals. Instead, the controversy centers on Zohran Mamdani, a rising Democratic politician and mayoral nominee who’s made one clear promise: to freeze the rent.

With his simple yet electrifying slogan “Freeze the Rent” printed across T-shirts and campaign flyers, Mamdani surged to victory in the Democratic primary, capturing the attention — and the frustration — of millions of New Yorkers struggling with rising housing costs. His boldest proposal? Replace the city’s Rent Guidelines Board with members committed to freezing rent increases on nearly one million rent-stabilized apartments for the entirety of his term.

To many lower-income renters, Mamdani’s platform offers hope at a moment of real crisis. The numbers speak for themselves: more than 25% of households that don’t receive subsidies or live in public housing are classified as “severely rent-burdened,” meaning they spend over half their income on rent. As of late 2024, median rents in the city hit nearly $3,700 per month — about $44,000 annually — while the typical tenant household earns only about $70,000.

For the more than 2 million people living in rent-stabilized units, the gap between income and housing cost is narrowing dangerously. These apartments currently rent for an average of $1,500, a significant discount compared to the broader market. But even that’s pushing many families to the brink. Mamdani said it plainly in a campaign video: “Any rent hike could push people out of this city.”

While Mamdani’s message resonates with tenants, it has alarmed many in the real estate industry. Property owners, particularly those managing older stabilized buildings, argue that a freeze on rent would choke off essential income needed for repairs and operations. Kenny Burgos, CEO of the New York Apartment Association, called the proposal unrealistic: “Rent increases aren’t about profit — they’re about survival. Property taxes are our single largest expense, and freezing rent while those costs rise is a recipe for disaster.”

Supporters of the rent freeze counter that many landlords aren’t exactly struggling. According to the city’s own Rent Guidelines Board, net operating income for landlords of stabilized units increased by 8% from 2022 to 2023, even after adjusting for inflation. Housing advocate Sam Stein of the Community Service Society argues that the solution isn’t to raise everyone’s rent — it’s to offer targeted relief for landlords who genuinely can’t afford upkeep. “We have tools to address hardship without punishing renters,” he said.

But critics are quick to point out that averages can be misleading. New York’s rent-stabilized housing stock is incredibly diverse: from new, mixed-income towers with just a few controlled units, to crumbling prewar buildings entirely reliant on below-market rents. “We’re supposed to pick one number to apply across the board,” said Rent Guidelines Board member Alex Armlovich. “That’s nearly impossible when you’re dealing with both the healthiest and the most distressed buildings in the same system.”

Beneath the political noise lies a deeper issue — New York’s severe housing shortage. With the city’s vacancy rate hovering at just 1.4%, the lowest in over 50 years, supply is at a breaking point. This imbalance is a key reason rents continue to climb, and it's why some economists warn that a blanket rent freeze could have unintended consequences. Developers who rely on tax incentives to include rent-stabilized units in new buildings may rethink those plans if they believe future revenues could be politically capped.

The fear isn’t just economic — it’s psychological. “Imagine trying to get a loan for new construction in a city where the mayor wants to freeze rents indefinitely,” Armlovich said. “You’re asking middle-aged conservative bankers to underwrite a project under socialism.”

To his credit, Mamdani isn’t ignoring the need for more housing. He has proposed building 200,000 new subsidized homes, increasing public housing funding, and even hinted at easing land-use rules to accelerate construction. But for developers, the uncertainty introduced by rent-freeze rhetoric may outweigh the incentives.

This tension isn’t new, but Mamdani’s rise has crystallized it in a fresh and urgent way. On one hand, tenants like John Leyva, a 54-year-old Brooklyn resident, see rent freezes as the only way to hold onto a city that’s slipping away. “When I moved here 30 years ago, I was paying $400 for a two-bedroom and still had enough to afford school, a car, everything — even on minimum wage,” he said. “Now young people are juggling three jobs just to pay rent.”

On the other hand, landlords insist that the current system is already stretched thin. Many argue that the problem isn’t excessive profit but a deeply flawed tax structure. They say if Mamdani really wants to help struggling renters and preserve housing stock, he should focus on lowering property taxes rather than freezing income.

Mamdani, for his part, hasn’t ruled that out. He’s already proposed higher taxes on luxury properties, such as Ken Griffin’s $240 million penthouse — the most expensive condo in New York history — in an attempt to shift the city’s revenue model.

Ultimately, what’s happening in New York is a microcosm of a larger urban dilemma. Across the U.S., cities are grappling with how to house residents affordably without pushing out investment or gutting local economies. Rent freezes offer short-term relief but may carry long-term trade-offs. Developers want stability, renters want fairness — and both sides fear being the one left holding the bag.

Mamdani’s campaign may have tapped into real, deep-seated frustration with how housing works in New York — and in many ways, how it fails. Whether his solutions are feasible is still uncertain. But what’s clear is this: the fight over rent control isn’t just a policy debate. It’s a battle for the soul of the city.