The politics of rent control are once again front and center in New York City—and Lev Mavashev, Managing Principal of Alpha Realty, is weighing in on the latest developments.
As Mayor Eric Adams begins to reshape the Rent Guidelines Board (RGB)—the body responsible for setting rent increases on over one million stabilized apartments—some progressives are facing a tough reality check.
“Did Mamdani really think this would be easy?” Mavashev asked, referring to Assemblymember Zohran Mamdani, who has long advocated for a citywide rent freeze. “The RGB controls one of the largest rent-regulated housing markets in the country… and Adams is now stacking it with pro-landlord voices.”
Adams Reshapes the Rent Guidelines Board
While Mamdani and others campaigned on promises like a “day one rent freeze,” the practical challenges of governing are starting to show. “Changing that bench could take years,” Mavashev noted. “So much for the slogan—it’s another promise circling the drain.”
The RGB has long been a flashpoint in New York’s housing debate, often caught between tenant advocates and property owners. Adams’ recent appointees suggest a tilt toward more market-conscious decision-making, a move Mavashev sees as necessary.
Market Realities vs. Political Promises
“Reality hits fast when the slogan meets the system,” Mavashev said. “This is a complex market with serious supply and maintenance challenges. Ideology alone won’t keep the lights on—or the buildings standing.”
As Adams moves to bring balance to the RGB, industry leaders like Mavashev are calling for more pragmatic, data-driven housing policy. “If we’re serious about preserving affordability and quality housing, we need more than slogans—we need strategy.”