Overview
- New York City’s Rent Guidelines Board, which met Thursday, released its 2026 study finding landlord net operating income up 6.2% in 2024 and 9.2% of rent-stabilized buildings classified as distressed.
- Tenant groups cited the income gains to press for a rent freeze, while landlord organizations argued the net operating income metric and citywide averages hide losses in older, fully stabilized and small properties.
- The report analyzed nearly 17,800 buildings with more than 805,000 apartments using owner-reported filings and excluded most residential buildings with 10 or fewer units.
- Results varied across the city, with the Bronx showing a slight income decline and heavily stabilized pre-1974 buildings posting far smaller gains than newer or mixed-income properties.
- The board now has a Mamdani-picked majority and plans a preliminary vote on May 7 and a final vote in June, a decision that will set rents for nearly 1 million stabilized apartments where many tenants earn about $60,000 and face high rent burdens.