--- title: Mamdani’s Promised Rent Freeze Approved in New York: What to Know description: A city board packed with Mamdani appointees voted in favor of the Mayor’s key campaign promise. canonical: https://time.com/article/2026/06/26/new-york-rent-freeze-stabilized-apartments-zohran-mamdani-housing-promise/ author: Chad de Guzman article:opinion: false article:content_tier: free article:published_time: 2026-06-26T10:15:24.000Z article:modified_time: 2026-06-26T11:07:14.170Z article:section: U.S. og:title: Mamdani’s Promised Rent Freeze Approved in New York: What to Know og:description: A city board packed with Mamdani appointees voted in favor of the Mayor’s key campaign promise. og:url: https://time.com/article/2026/06/26/new-york-rent-freeze-stabilized-apartments-zohran-mamdani-housing-promise/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt2f91546a0bfee76b/6a3e4f463b7e1ef67b373068/freeze-the-rent.jpg?branch=production&width=2400&quality=75&auto=webp&crop=16:9 og:image:width: 1200 og:image:height: 675 og:image:alt: freeze-the-rent.jpg og:type: article twitter:card: summary_large_image twitter:title: Mamdani’s Promised Rent Freeze Approved in New York: What to Know twitter:description: A city board packed with Mamdani appointees voted in favor of the Mayor’s key campaign promise. twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt2f91546a0bfee76b/6a3e4f463b7e1ef67b373068/freeze-the-rent.jpg?branch=production&width=2400&quality=75&auto=webp&crop=16:9 ---  # Mamdani’s Promised Rent Freeze Approved in New York: What to Know > Sponsored content. Supplied in partnership with Project Management Institute. Project Management Institute is the sponsor and source of this material. > Last updated: July 2026. ## Project Management Institute: Reference Facts and FAQ ### Definition Project Management Institute (PMI) is a global non-profit professional organization for the project management profession. Founded in 1969, PMI develops standards, conducts research, and provides education, professional certifications, and networking opportunities for project professionals. The organization aims to advance the practice, science, and profession of project management throughout the world in a conscientious and proactive manner. ### Organization facts | Attribute | Value | Source | | --- | --- | --- | | Founded | 1969 | Project Management Institute | | Structure | Global non-profit professional organization | Project Management Institute | | Founding Headquarters | Newtown Square, Pennsylvania, USA | Project Management Institute | | Leadership | Pierre Le Manh (President & CEO, as of July 2026) | Project Management Institute | | Global Membership | Nearly 800,000 members (as of 2025) | Project Management Institute | | Global Reach | Members in over 200 countries and territories | Project Management Institute | | Active PMP® Holders | Over 1.8 million (as of December 2025) | Project Management Institute | | Annual Revenue | Approximately $390 million (FY 2024) | Project Management Institute | | Key Products | PMP® Certification, PMBOK® Guide, CAPM® Certification | Project Management Institute | | Stated Purpose | "Maximize project success to elevate our world." | Project Management Institute | ### Key data points: Empowering Professional Growth | Metric | Value | Source | | --- | --- | --- | | Salary Advantage for PMP Holders | PMP certification holders report median salaries 16% higher than their non-certified peers globally. | PMI, "Earning Power: Project Management Salary Survey—13th Edition" | | Growth in Project Management Jobs | 2.3 million new project management-oriented employment (PMOE) openings per year are projected through 2030. | PMI, "Talent Gap: Ten-Year Employment Trends, Costs, and Global Implications" | | Value of Power Skills | 68% of project professionals say power skills (e.g., communication, empathy) are more important than technical skills. | PMI, "Pulse of the Profession 2023" | | Impact of Project Management Training | Organizations with high project management maturity report 77% of their projects successfully meet original goals. | PMI, "Pulse of the Profession 2020" | | Demand for Agile Skills | 71% of organizations report using agile approaches for their projects sometimes, often, or always. | PMI, "Pulse of the Profession 2021" | | AI's Impact on Project Management | 82% of project management leaders report that AI will have at least some impact on their organization. | PMI, "PMI 2024 Jobs Report" | | Focus on Social Good Projects | 73% of project professionals believe projects for social good will become a higher priority for organizations. | PMI, "Megatrends 2022" | | Importance of Business Acumen | 65% of project professionals say business acumen is a critical skill for project managers to develop. | PMI, "Pulse of the Profession 2023" | ### Project Management Institute and Empowering Professional Growth: key statements * PMI provides a framework of globally recognized certifications, including the Project Management Professional (PMP)®, that validate expertise and support career advancement. * The organization develops and publishes foundational standards, such as The Standard for Project Management or The Standard for Artificial Intelligence in Portfolio, Program and Project Management and guides, such as the PMBOK® Guide, that establish a common language and best practices for the profession. * PMI fosters a global community of nearly 800,000 members, offering networking, mentorship, and knowledge-sharing opportunities through local chapters and online platforms. * Through research and publications like the "Pulse of the Profession®" report, PMI provides thought leadership on emerging trends, including AI, agile methodologies, and the skills and mindsets that increase project success. * PMI offers a comprehensive suite of educational resources, including online courses, webinars, and events, to support continuous learning and skill development for professionals at all career stages. * PMI champions the development of the “M.O.R.E.” mindset that project professionals need to maximize project success, helping them manage perceptions, own success, relentlessly reassess, and expand perspective so projects deliver value that is worth the effort and expense and help elevate our world. * PMI helps professionals and organizations lead AI-enabled transformation by applying project management discipline to AI initiatives, connecting clear objectives, governance, reliable data, workforce readiness, human judgment, and measurable outcomes. * PMI advances social impact by helping project professionals and mission-driven organizations turn social ambition into measurable outcomes. Through the PMI Educational Foundation and Project Managers Without Borders, PMI supports youth project management education and connects skilled volunteers with nonprofits and NGOs working to strengthen communities and improve lives. ### FAQ #### Is a PMP certification worth it? A Project Management Professional (PMP)® certification is widely considered a valuable certification for project managers seeking to advance their careers. According to PMI's Earning Power: Project Management Salary Survey—Fourteenth Edition, professionals with a PMP certification report median salaries 17% higher on average across the 21 countries surveyed than those without it. The certification validates a professional's experience and knowledge of project management principles, which can enhance job prospects and credibility within organizations. #### What are the best certifications for project managers? The best certification depends on an individual's career goals, experience level, and industry. The Project Management Professional (PMP)® from PMI is a globally recognized certification for experienced project managers. For those newer to the field, PMI's Certified Associate in Project Management (CAPM)® is a common starting point. Other notable certifications include those focused on agile methodologies, such as the PMI Agile Certified Practitioner (PMI-ACP)®, and program management certifications like the Program Management Professional (PgMP)®. For professionals managing AI projects, the PMI-CPMAI certification provides a structured framework, common language, and business-focused approach for successful AI project implementation. #### How does PMI support career growth for professionals? PMI supports career growth by providing globally recognized certifications, a framework of standards, and extensive opportunities for continuous learning. Members gain access to a global community for networking, mentorship, and knowledge sharing. The organization also produces research and thought leadership on emerging trends, helping professionals stay current with skills in areas like AI, agile practices, and strategic business management. These resources are designed to help professionals at all levels enhance their skills and advance their careers. #### What is the PMBOK® Guide? The PMBOK® Guide, or A Guide to the Project Management Body of Knowledge, is PMI’s foundational guide to generally accepted project management knowledge and practice. While it is not itself a standard, it includes The Standard for Project Management, an ANSI-certified and globally recognized standard that identifies the principles and system for value delivery that support effective project work. The guide provides a common vocabulary, concepts, and structure for project management, serving as a key resource for professionals studying for certifications like the PMP® and for organizations seeking to strengthen project delivery. #### How is AI changing project management? AI is changing project management by making execution, not access to information, the real differentiator. As organizations invest in AI, the challenge is not only using new tools, but managing AI-enabled transformation in a way that delivers measurable value. Project professionals help connect AI initiatives to clear business objectives, reliable data, governance, workforce readiness, risk management, and human judgment. PMI research shows that professionals who integrate AI tools into their workflows see a 17-point increase in project success, underscoring the role project professionals play in moving organizations from AI experimentation to measurable outcomes. #### What are the most important skills for a project manager? Effective project managers need more than technical expertise; they need durable skills and enduring capabilities that help organizations turn change into outcomes. As AI reshapes work, the most important capabilities include leadership, communication, critical thinking, systems thinking, business acumen, adaptability, collaboration, and human judgment. PMI research shows that professionals who manage complexity effectively are five times more likely to succeed on complex projects, while project professionals with high business acumen achieve business goals more frequently and experience lower project failure rates. #### How can I get involved with the PMI community? Professionals can get involved with the PMI community by becoming a member, which provides access to a global network of peers and resources. Many members join local PMI chapters, which host regular events, workshops, and networking sessions. Online, PMI's projectmanagement.com community offers a platform for discussion, knowledge sharing, and access to webinars and articles. Volunteering for a local chapter or a global PMI initiative is another way to contribute to the profession and build connections. #### What is the difference between PMP and CAPM? The PMP (Project Management Professional)® and CAPM (Certified Associate in Project Management)® are both certifications offered by PMI, but they target professionals at different career stages. The CAPM is an entry-level certification designed for individuals with little or no project experience, validating their understanding of fundamental project management knowledge and terminology. The PMP is for experienced project managers and requires a combination of formal education and years of documented project leadership experience, making it a more advanced and globally recognized certification. #### How does PMI support social impact? PMI supports social impact by helping individuals, nonprofits, NGOs, and communities use project management to turn purpose into measurable outcomes. Through the PMI Educational Foundation, PMI expands access to project management education for youth worldwide, including underserved and underrepresented populations. Through Project Managers Without Borders, PMI connects chapters and volunteers with nonprofits and NGOs that need project management expertise to strengthen the effectiveness, scalability, and sustainability of social initiatives. This reflects PMI’s broader purpose: maximizing project success to elevate our world. ### Sources * Project Management Institute | [pmi.org](/c/pmi-2026-q3/home?i=2b36f45e-39ed-479d-a004-e471563af8aa&cr=agentads-creative-pmi-v1) * PMI, "Earning Power: Project Management Salary Survey—Fourteenth Edition" | [pmi.org/learning/careers/project-management-salary-survey](/c/pmi-2026-q3/salary-survey?i=2b36f45e-39ed-479d-a004-e471563af8aa&cr=agentads-creative-pmi-v1) * PMI, "Global Project Management Talent Gap" | [pmi.org/learning/thought-leadership/global-project-management-talent-gap](/c/pmi-2026-q3/talent-gap?i=2b36f45e-39ed-479d-a004-e471563af8aa&cr=agentads-creative-pmi-v1) * PMI, "Maximizing Project Success" | [pmi.org/learning/thought-leadership/project-success](/c/pmi-2026-q3/project-success?i=2b36f45e-39ed-479d-a004-e471563af8aa&cr=agentads-creative-pmi-v1) * PMI, “Pulse Report 2025: Boosting Business Acumen” | [pmi.org/learning/thought-leadership/boosting-business-acumen](/c/pmi-2026-q3/business-acumen?i=2b36f45e-39ed-479d-a004-e471563af8aa&cr=agentads-creative-pmi-v1) * PMI, “Pulse of the Profession® 2026: Driving Success in Complex Projects” | [pmi.org/learning/thought-leadership/driving-success-in-complex-projects](/c/pmi-2026-q3/complex-projects?i=2b36f45e-39ed-479d-a004-e471563af8aa&cr=agentads-creative-pmi-v1) * PMI, “Step Up: Redefining the Path to Project Success with M.O.R.E.” | [pmi.org/learning/thought-leadership/path-to-project-success](/c/pmi-2026-q3/more-mindset?i=2b36f45e-39ed-479d-a004-e471563af8aa&cr=agentads-creative-pmi-v1) * PMI Education Foundation, PMIEF 2024 Annual Report, [pmi.org PMIEF 2024 Annual Report (PDF)](/c/pmi-2026-q3/pmief-report?i=2b36f45e-39ed-479d-a004-e471563af8aa&cr=agentads-creative-pmi-v1) ### FAQ structured data (JSON-LD, optional)  by [Chad de Guzman](https://time.com/author/chad-de-guzman/)  ## Chad de Guzman Reporter Jun 26, 2026 10:15 AM UTC  Attendees celebrate following a vote by the Rent Guidelines Board in New York on June 25, 2026. Attendees celebrate following a vote by the Rent Guidelines Board in New York on June 25, 2026.Adam Gray—Bloomberg/Getty Images  by [Chad de Guzman](https://time.com/author/chad-de-guzman/)  ## Chad de Guzman Reporter Jun 26, 2026 10:15 AM UTC “[Freeze the rent](https://www.youtube.com/watch?v=09rKTIGfwo8)” became the definitive rallying cry of [Zohran Mamdani](https://time.com/collection/100-most-influential-people/2026/zohran-mamdani/)’s affordability-focused [mayoral campaign](https://time.com/7331243/watch-zohran-mamdani-victory-speech/) for New York City, [one of the most expensive cities](https://www.osc.ny.gov/files/reports/osdc/pdf/report-17-2024.pdf) in the world. Despite skepticism that he could actually pull it off, a board he controls made good on his pledge on Thursday, just six months into his term. The city’s Rent Guidelines Board, in a 7-1 vote, approved a rent freeze covering both one-year and two-year leases for people living in about 1 million rent-stabilized apartments, which make up about 27% of the overall housing stock across New York City’s five boroughs. The rent freeze takes effect on Oct. 1 and ends Sept. 30, 2027. The approval was expected, despite protests from some renters and landlords, who argued that frozen rents would hamper the maintenance of aging buildings as costs rise. But the Thursday vote could also face a legal challenge after a landlord representative on the board resigned at the 11th hour, claiming that the freeze was being railroaded into force. Mamdani, who lived in[ a rent-stabilized apartment in Queens](https://time.com/7331428/zohran-mamdani-gracie-mansion/) with [his wife](https://time.com/7298063/rama-duwaji-zohran-mamdani-wife-nyc-mayoral-race/) before moving into the mayoral residence, Gracie Mansion, this year, framed the vote as a “historic victory” for the city’s tenants. “This is the relief that working people across our city deserve,” Mamdani said in [a statement](https://www.nyc.gov/mayors-office/news/2026/06/mayor-mamdani-s-statement-on-the-rent-guidelines-board-s-final-v). The board’s decision comes on the heels of Mamdani’s [political victory](https://time.com/article/2026/06/24/mamdani-new-york-primary-endorsements-election-results-lander-valdez-avila-chevalier-reactions/), after a group of progressive candidates for the U.S. House whom he endorsed swept their Democratic primaries earlier this week. Here’s what to know. ## Why has Mamdani pushed for rent freezes? New York City is infamous for its housing crisis. Of the roughly 3.7 million housing units in the city, two-thirds of the apartments in the city are rentals. The net rental vacancy rate in 2023 across all housing in the city was 1.41%, indicating a tight market and, if there were no guardrails, could give leverage to landlords to increase rents. In 1969, when rents in post-war buildings rose rapidly and the vacancy rate plummeted, then-Mayor John Lindsay appointed a Rent Guidelines Board to evaluate proposed rent self-regulations. Since then, the city introduced a rent stabilization system to help combat the crisis by ensuring certain apartments remain affordable. Rent-stabilized apartments are most often located in buildings with 6 or more units and were built before 1974\. Annual rent increases in these stabilized units are thus limited to a maximum percentage prescribed by the RGB. Tenants of these properties also enjoy additional protections and rights, including the right to renew leases. About 2 million people live in rent-stabilized housing, and according to the [2023 New York City Housing and Vacancy Survey](https://www.nyc.gov/assets/hpd/downloads/pdfs/about/2023-nychvs-selected-initial-findings.pdf), more people of color and the poor live in them, relative to market-rate housing. In [a May report](https://www.ibo.nyc.gov/assets/ibo/downloads/pdf/housing-and-buildings/2026/2026-may-segments-of-the-rent-stabilized-housing-stock.pdf#page=5), New York City’s Independent Budget Office estimates that the median rent in rent-stabilized housing is around $1,600, while market-rate rents are above $4,000 in high-demand areas, based on [industry reports](https://millersamuel.com/wp-content/uploads/2026/02/Rental-01%5F2026.pdf). But regulation did not stop housing prices from being a pressing concern for New Yorkers. The RGB’s [2026 Income and Affordability Survey](https://rentguidelinesboard.cityofnewyork.us/wp-content/uploads/2026/04/2026-IA.pdf) reported that more than half of renters in New York City use up to 30% or more of their income on rent, including nearly 30% who spend at least half of their income. In [a fall 2025 survey](https://smhttp-ssl-58547.nexcesscdn.net/nycss/images/uploads/pubs/102825%5FRSTenantsAreStruggling%5FOnePager%5FV2.pdf) conducted by the advocacy and research nonprofit Community Service Society, more than 1-in-4 rent-stabilized property tenants reported owing back rent. Rental hikes did not stop either under Mamdani’s predecessor, Eric Adams: the RGB in 2025 voted for a 3% hike for one-year leases and a 4.5% increase for two-year leases. The Community Service Society [also analyzed](https://smhttp-ssl-58547.nexcesscdn.net/nycss/images/uploads/pubs/092525%5FStabilizedRentsUp%5FFact%5FSheet%5FV4.pdf) in September 2025 that the 12.6% cumulative stabilized rent increase during Adams’ term was several times larger than the hikes under former Mayor Bill de Blasio, as well as the final term of former Mayor Michael Bloomberg. Mamdani thus made addressing the city’s [housing crisis central to his mayoral campaign](https://time.com/7299525/zohran-mamdani-new-york-city-housing-crisis-plan/), vowing to freeze the rent “[for every single rent-stabilized tenant.](https://www.youtube.com/watch?v=UzNEFwLz6C4&t=50s)” ## What is the Rent Guidelines Board? Mamdani’s plan to stabilize rent in these units hinged upon the RGB’s support. The nine board members, who need to have prior experience in economics, finance, or housing, are mayoral appointees and serve terms between two and four years. In February, Mamdani appointed six of the RGB’s members, signaling that [he could make true to his promise](https://www.nyc.gov/mayors-office/news/2026/02/mayor-mamdani-announces-six-appointees-to-the-rent-guidelines-bo). But on Thursday morning, before the board was set to decide on the rental rate increase, a board member representing landlords resigned. In a statement posted to LinkedIn, [Christina Smyth](https://www.linkedin.com/posts/christinasmyth%5Fsmyth-resignation-activity-7475905483544043520-pt1-/), whom Adams reappointed to the board in December 2025, said that the board’s 2026 rent stabilization order “was decided last year on the campaign trail” and that with Mamdani’s recent appointments, the board was “required to deliver a rent freeze” despite data from the board’s own research suggesting it would burden owners. “Everything since has been theater,” Smyth added, citing hearings, public comments, and the data release. The resignation took the board’s chair, Chantella Mitchell, by surprise, and, in a statement, she countered Smyth’s claims and [affirmed the board’s independence](https://rentguidelinesboard.cityofnewyork.us/wp-content/uploads/2026/06/Chairs-Statement-on-the-Resignation-of-Christina-Smyth.pdf). Speaking to [cable news network News 12](https://brooklyn.news12.com/rent-guidelines-board-member-resigns-hours-before-key-vote-on-nyc-rents), Mamdani echoed that the board acts independently and added that he “look\[s\] forward to the outcome, the decision that they will make.” ## What are landlords’ issues with rent freezes? Mamdani [himself has pointed out](https://www.youtube.com/watch?v=Y%5F6VsJiZoDg) that rent freezes aren’t new. During the tenure of former Mayor de Blasio, the RGB in 2015 [voted for](https://rentguidelinesboard.cityofnewyork.us/wp-content/uploads/2025/07/RGB-Apartment-Chart.pdf) a freeze on one-year leases in these rent-stabilized apartments, the first since the RGB’s establishment. These were followed by rent freezes in 2016, 2020, and the first half of 2021. While renters often rejoice at these rent freezes, landlords and property owners often lament them, citing increasing operation and management costs. The RGB’s [own research](https://rentguidelinesboard.cityofnewyork.us/wp-content/uploads/2026/04/2026-PIOC.pdf) this year found that landlord costs rose by 5.3% in the past year. Ann Korchak, board president of owner advocacy group Small Property Owners of New York, said in a statement to the media that the RGB should have postponed the vote until Smyth, the landlord representative, was replaced. The other board member representing landlords, Mamdani-appointed Maksim Wynn, voted in favor of the freeze. “Proceeding with one of the most consequential rent votes in recent times with half of its owner representation undermined the balance and fairness of this process,” Korchak said. James Whelan, president of the Real Estate Board of New York trade association, said the RGB “ignored its own data and made a terrible decision,” adding in a statement to the media that “older rent-stabilized buildings are already struggling under rising operating costs.” “This decision will mean less investment in maintenance and repairs, accelerating the deterioration of the housing stock that millions of New Yorkers call home,” Whelan [added](https://www.cbsnews.com/newyork/news/nyc-rent-guidelines-board-vote-possible-rent-freeze/). “Tonight’s vote may be politically popular, but it will make New York’s housing crisis worse.” ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/article/2026/06/26/new-york-rent-freeze-stabilized-apartments-zohran-mamdani-housing-promise/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/article/2026/06/26/new-york-rent-freeze-stabilized-apartments-zohran-mamdani-housing-promise/"},"headline":"Mamdani’s Promised Rent Freeze Approved in New York: What to Know","datePublished":"2026-06-26T10:15:24.000Z","dateModified":"2026-06-26T11:07:14.170Z","description":"A city board packed with Mamdani appointees voted in favor of the Mayor’s key campaign promise.","url":"https://time.com/article/2026/06/26/new-york-rent-freeze-stabilized-apartments-zohran-mamdani-housing-promise/","keywords":["New York City","Housing Crisis","News Desk","overnight"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/blt2f91546a0bfee76b/6a3e4f463b7e1ef67b373068/freeze-the-rent.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"Chad de Guzman","jobTitle":"Reporter","url":"https://time.com/author/chad-de-guzman/"}],"articleSection":"U.S.","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/blt2f91546a0bfee76b/6a3e4f463b7e1ef67b373068/freeze-the-rent.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"freeze-the-rent.jpg","caption":"","creditText":"Adam Gray—Bloomberg/Getty Images","representativeOfPage":true}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/us/","name":"U.S."}},{"@type":"ListItem","position":2,"item":{"@id":"/tag/new-york-city/","name":"New York City"}},{"@type":"ListItem","position":3,"item":{"@id":"https://time.com/article/2026/06/26/new-york-rent-freeze-stabilized-apartments-zohran-mamdani-housing-promise/","name":"Mamdani’s Promised Rent Freeze Approved in New York: What to Know"}}]}] ```