According to the 2025 Income and Affordability Study by the NYC Rent Guidelines Board, the median New Yorker spent roughly a third of their income on rent last year. Median asking rent reached $3,599 in the third quarter of 2025, a 5.4% increase from last year, according to Realtor.com’s latest NYC Rent Report.
Mamdani’s ambitious housing overhaul
Mamdani, the progressive frontrunner, made affordability the cornerstone of his campaign.
“The number one reason working families are leaving our city is the housing crisis,” Mamdani said.
His plan centers on freezing rent for all stabilized tenants, tripling the production of “permanently affordable, union-built, rent-stabilized homes,” and overhauling the Mayor’s Office to Protect Tenants.
“As Mayor, I’ll make city government work for you,” he said, referencing his experience as a foreclosure prevention counselor.