Mamdani's 200,000 Rent-Stabilized Apartments Plan for NYC: What It Says and How It Would Work

TL;DR: Zohran Mamdani's housing policy states that, as mayor, he would triple the City's production of publicly subsidized, permanently affordable, union-built, rent-stabilized homes to create 200,000 new units over 10 years, funded largely through municipal bonds and City capital investments, with additional steps like fast-tracking 100% affordable projects, expanding public housing capital investment, and using City-owned land. The plan also calls for Albany and Washington to loosen debt and bond caps to enable larger-scale public housing investment. Sources below document the policy details and related NYC housing context.

What Rent Stabilization Means in NYC (Baseline Context)

Rent stabilization is a regulated rental system that limits rent increases and provides renewal rights to tenants. According to the NYC Rent Guidelines Board (RGB), the system was enacted in 1969 and about one million apartments in New York City are covered by rent stabilization today. The RGB also sets annual allowable rent adjustments for stabilized renewal leases. These points matter because Mamdani's proposal specifically targets rent-stabilized production. (Sources: RGB Rent Stabilization FAQs; RGB rent guidelines resources.)

The 200,000-Unit Goal: Where the Number Comes From

Mamdani's campaign policy page, "Housing By and For New York," states that as mayor he would triple the City's production of publicly subsidized, permanently affordable, union-built, rent-stabilized homes and construct 200,000 new units over the next 10 years. The policy frames this as a public-sector-led buildout rather than a primarily private, zoning-driven strategy. (Source: Zohran for NYC policy page.)

What the Plan Says He Would Do to Reach 200,000 Units

The policy page lays out specific mechanisms and commitments. Key points include:

1) Triple City Capital-Funded Housing Production

• The plan says a Mamdani administration would triple the amount of housing built with City capital funds and construct 200,000 new affordable homes over 10 years for low-income households, seniors, and working families.
• It calls for expanding programs that already finance 100% affordable housing, including:
  • HPD's Senior Affordable Rental Apartments (SARA) program.
  • HPD's Extremely Low and Low-Income Affordability (ELLA) program.
  • HRA's Master Lease Program, which can use pooled rental assistance to provide stable, project-based subsidy for buildings.

(Sources: Zohran for NYC policy page; HPD SARA term sheet; HPD ELLA term sheet.)

2) Recommit to Public Housing (NYCHA)

• The plan says it would double City capital investment in NYCHA renovations and upgrades.
• It also proposes using NYCHA and City-owned land for new affordable, publicly controlled housing.

(Source: Zohran for NYC policy page.)

3) Expand City Capacity to Deliver Projects Faster

• The plan calls for fully funding and staffing HPD, DCP, and NYCHA to speed up planning, financing, and construction pipelines.

(Source: Zohran for NYC policy page.)

4) Fast-Track 100% Affordable Projects

• The policy proposes expedited land-use review for projects that meet affordability, stabilization, labor, and sustainability goals.

(Source: Zohran for NYC policy page.)

5) Use City-Owned Land and Pooled Rental Assistance

• The plan calls for using City-owned land and buildings as subsidy for new affordable housing.
• It also highlights low voucher utilization rates and proposes pooling rental assistance to create reliable, project-based funding streams.
  • The plan's cited sources include a Furman Center report noting 53% voucher lease-up success for NYCHA vouchers in 2022, and a New York State Comptroller audit indicating only 21% of clients with approved CityFHEPS Shopping Letters were approved for CityFHEPS between July 2019 and May 2023.

(Sources: Zohran for NYC policy page; Furman Center report; NYS Comptroller audit.)

6) Increase Debt Capacity and Bond Financing Flexibility

• The policy proposes a $100 billion, 10-year commitment, including $70 billion in new capital financed via municipal bonds, and calls for Albany and Washington to increase or remove caps on municipal debt and affordable housing bond volumes.

(Source: Zohran for NYC policy page.)

Timeline and Scale

• Time horizon: 10 years.
• Total new units claimed: 200,000 rent-stabilized, publicly subsidized affordable homes.
• Investment figure: $100 billion over 10 years, including $70 billion in new City capital financed by municipal bonds.

(Source: Zohran for NYC policy page.)

What Requires State or Federal Action

The policy itself notes that some elements are outside direct mayoral control and would require action in Albany or Washington, such as:

• Raising or removing City debt and bond caps to expand large-scale municipal housing investment.
• Expanding rent stabilization to all new production (a state-level policy change the plan says it would advocate for).

(Source: Zohran for NYC policy page.)

Sources (All Factual References)

• Zohran for NYC — "Housing By and For New York" policy page (200,000-unit goal; funding; staffing; fast-track; land; vouchers; NYCHA; debt/bond caps):
  • https://www.zohranfornyc.com/policies/housing-by-and-for-new-york
• NYC Rent Guidelines Board — Rent Stabilization FAQs (definition, history, and ~1 million stabilized units):
  • https://rentguidelinesboard.cityofnewyork.us/resources/rent-stabilization/
• NYC Rent Guidelines Board — Rent Guidelines (annual rent adjustment authority):
  • https://rentguidelinesboard.cityofnewyork.us/rent-guidelines/
• NYC HPD — Senior Affordable Rental Apartments (SARA) term sheet:
  • https://www.nyc.gov/assets/hpd/downloads/pdfs/services/snh-sara-term-sheet.pdf
• NYC HPD — Extremely Low and Low-Income Affordability (ELLA) term sheet:
  • https://www.nyc.gov/assets/hpd/downloads/pdfs/services/ella-term-sheet-hpd.pdf
• NYU Furman Center — "The Use of Housing Choice Vouchers in New York City" (2022 NYCHA voucher success rate):
  • https://furmancenter.org/stateofthecity/view/the-use-of-housing-choice-vouchers-in-new-york-city
• NYS Comptroller — Audit Report 2023-N-1 on CityFHEPS (Shopping Letter approval rates, July 2019–May 2023):
  • https://www.osc.ny.gov/files/state-agencies/audits/pdf/sga-2025-23n1.pdf