New York City Mayor Eric Adams signed Intro 70 into law on Wednesday, extending the deadline for the city’s Housing and Vacancy Study (HVS). The deadline is extended from April 1, 2022 to July 2, 2022.
This survey determines the number of vacant affordable apartments in the city, the distribution of units to residents, and the condition of housing plus the continued need for rent stabilized regulation.
“I am pleased that my first bill signing and hearing is one that helps New York City’s tenants and workers,” said Mayor Adams. “Too many New Yorkers are struggling to keep a roof over their heads and put food on the table, and this bill provides the necessary time for the city to make an informed decision about extending rent stabilization.”
The HVS is completed every three years in accordance with New York State and New York City rent regulation laws. However, the study scheduled for 2020 was initially postponed due to the 2021 US Census and later due to the COVID-19 pandemic. Under New York State law, the city’s rent stabilization law is triggered by a “housing emergency,” which takes effect when the city’s rental vacancy rate, as measured by the HVS, is less than 5 percent.
“The Study of Housing and Vacancies is a fundamental tool to monitor our stock housing and understand the realities on the ground for New Yorkers trying to find affordable housing for their families,” said Jessica Katz, Director of Housing for the City of New York. “I am grateful to Councilwoman Sánchez for understanding how important it is for the city to have adequate time to accurately assess the state of our housing market. We cannot rush a review on short notice when vital rent-stabilized units are at stake. This bill will allow us to do our job well.”
The law was sponsored by New York City Councilwoman and Chair of the Housing and Buildings Committee, Pierina Sánchez.
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