New York City has approved rent caps for approximately one million apartments subject to regulated rental agreements, impacting residents with one- or two-year leases. The decision, made by the city’s independent Rent Guidelines Board, fulfills a key campaign promise of Mayor Zohran Mamdani, who assumed office in January. The board, whose members are appointed by the mayor, voted to implement the measure on Thursday. This action aims to provide stability for tenants facing rising housing costs. The rent caps apply to apartments already under rent regulation, not to the broader housing market. Supporters say the move addresses affordability concerns, while critics may raise questions about potential impacts on landlords and housing supply. The approval marks a significant step in the mayor’s housing policy agenda.