In March 2026, for example, the median rent rose to $5,000 a month in Manhattan and $4,150 in Brooklyn, according to a report from real estate firm the Corcoran Group. Mamdani also said he would freeze rent hikes for about 2 million who live in rent stabilized apartments. The mayor does not set this policy, but Mamdani has appointed six of the nine members on the city’s Rent Guidelines Board, which decides the issue. Members hear from landlords, tenants and others before a vote on the matter, expected in June.