Hi, Money readers!

New York City Mayor Zohran Mamdani secured his promised rent freeze. Now what? 

The debate over rent control is hardly new. Researchers are still studying the two policy paths taken by the Twin Cities after renters demanded caps in 2021. In Detroit, the movement was gaining support in the 1980s — until Michigan banned rent control in 1988. In fact, the history of these laws goes back more than a century.

But Mamdani's experiment — a total freeze on rent increases for about 1 million units in the nation's largest city — is particularly bold, and it got me thinking: Will any other mayors dare to follow suit? I reached out to 20 mayors' offices to ask.

Let's get to it. — Pete Grieve

Were you forwarded this email? Subscribe to get Daily Money delivered to your inbox for free.

We Asked 20 Mayors Whether They Support an NYC-Style Rent Freeze. Here's What They Said

Rent control is overwhelmingly popular among residents of U.S. cities, according to surveys, and Mamdani's supporters in New York see the freeze as key relief from housing inflation. But in our research, we failed to find another mayor who says they would back a similar measure. 

Brett Smiley, the mayor of Providence, Rhode Island, supports "solutions that are proven to work and built to last" — a standard that rent control doesn't meet, according to his spokesperson. Jennifer Lor, the press secretary for Minneapolis Mayor Jacob Frey, says "policies that discourage new rental development move the city in the wrong direction." 

Other offices did not reply, responded without answering the rent freeze question or declined to comment.

There are a couple of likely reasons for the silence. For one, mayors typically prefer to avoid commenting on controversial matters in other cities, says David Schleicher, Yale Law School professor of property and urban law. 

But the New York story is also unique: It involved Mamdani winning in an upset campaign and freezing rent on the back of an existing rent-stabilization system overseen by a mayor-appointed board. Other cities don't have that infrastructure, making a rent freeze more of a fairy-tale idea than a real policy consideration. 

"It's like asking someone, if they could fly, would they do it?" Schleicher says. "They can't." — PG

How much cash could you access from your home?

If you’re 62 or older, a reverse mortgage may allow you to convert part of your home’s value into tax-free cash — without selling your home or taking on monthly mortgage payments.* You continue living in your home, and repayment is typically deferred until the home is sold or no longer your primary residence. Money’s editorial team reviewed top reverse mortgage lenders so you can compare options.

View reverse mortgage options.

*Borrowers must continue paying property taxes, homeowners insurance and maintenance costs.

ADVERTISEMENT 

“There’s not a money fairy up here. This money that we appropriate comes out of people’s pockets, or we have to borrow it.”

— Sen. John Kennedy, R-La., speaking to Fox News last week about increasing the Supreme Court's budget

This issue of Daily Money was written by lead news reporter Pete Grieve and senior audience development editor Annie Johnson. It was edited by managing editor Julia Glum. Questions? Comments? Concerns? Please email [email protected] with any feedback.