Arpit Gupta, a member of New York City’s Rent Guidelines Board (RGB), voted against the recent rent freeze. He expressed concerns to Fox News Digital about the potential long-term effects of this policy on older rent-stabilized buildings. Gupta believes the freeze might limit landlords’ revenue, hindering necessary capital improvements.
Gupta, an associate finance professor at New York University, elaborated that this policy could eventually lead to deterioration. Deferred maintenance and financial distress could follow, affecting mortgage payments, insurance, and property taxes. This could potentially lead to bank or city ownership through tax lien sales.
It’s a little bit of a slow burn. The risk is that the buildings do go under more distress.
Chantella Mitchell, RGB Chair appointed by Mayor Zohran Mamdani, acknowledged the increasing costs landlords face. Yet, she argued that most property owners are still able to manage these rising expenses.
Gupta, appointed by former Mayor Eric Adams, agrees some landlords are coping well. However, he sees financial strain varying across properties, with older, rent-stabilized buildings facing more challenges than newer, mixed-income properties.
Under Mamdani, the freeze goes beyond former Mayor Bill de Blasio’s approach. It affects about 1 million rent-stabilized apartments with one- and two-year leases ranging from October 2026 to September 2027. This could mean landlords may not raise rents until late September 2029.
Gupta views the freeze as a blunt tool for tackling the affordability crisis. He supports offering targeted aid to struggling tenants while allowing cash-strapped buildings to increase rents.
About 30% of the tenants in rent-stabilized housing make six figures or more. At the same time, many individuals in market-rate housing are below the poverty line.
He advocates expanding existing programs for seniors and disabled individuals to include low-income residents, regardless of whether they live in rent-stabilized properties.
Another concern Gupta raised is that the rent freeze might encourage landlords to keep units vacant. According to a report, over 57,000 stabilized apartments were vacant as of April 2025, though some units were between tenants.
Gupta argues that landlords may find it difficult to recover the cost of rehabilitating apartments before re-renting them. This problem could worsen under the current rent freeze policy.
Landlords cite the 2019 Housing Stability and Tenant Protection Act as a factor affecting revenue. The law removed the ‘vacancy bonus,’ which previously allowed rent increases of up to 20% after tenant turnover.
Gupta recognizes that tenants face significant rent payment challenges despite previous board efforts to reduce affordability pressures. He notes that the board has sometimes set rents below estimated building cost increases and city wage growth.
Despite rental relief programs, city spending on back-rent coverages soared from $102 million in 2022 to $555.8 million in 2025. Most evictions occurred in rent-stabilized buildings, according to a rental board study.
While Gupta disagrees with the board’s decision, he denies that the outcome was predetermined. Mamdani appointed six of the nine board members, yet Gupta believes there was no direct influence on voting.
From my understanding, the administration did not direct or try to influence the vote directly.
Some board members described as being independently appointed, did not report pressure regarding their stance on the rent freeze.
Gupta remains concerned that the rent freeze might continue indefinitely. Mamdani has pledged to freeze rent each year during his tenure.
Gupta has asked other board members what conditions might lead them to support rent increases, but has not received clear answers. Some members wish to wait for more data before making decisions.
Fox News Digital reached out to Mitchell for her view on the freeze’s long-term impact, but she declined to comment beyond a prior statement.