Law 0653-A is now firmly in force in New York City, which extends the Rent Stabilization of 1969. This for the tenants of the Big Apple means that the protections of housing rent regulation, They can continue unhindered until April 1, 2027.
New Yorkers who live in these types of units maintain their right to renew their leases and to be protected from certain evictions and disproportionate rent increases.
This rule was a response from the municipality to the worrying data from the Vacant Housing Survey, which highlights that the rate of residential units available for rent fell to a historic 1.4%.
The laws regarding rent-stabilized housing were supposed to expire this coming April 1, but They will now remain in force for three more years.
The City in this way is recognizing a housing emergency, since the number of empty housing units is less than 5%.
This legislation that was approved by the City Council and signed this week by Mayor Eric Adams, specifically shields the continuation of rent regulation in New York City, which offers some stability to almost a million households that are under this umbrella.
“Extending rent stabilization protects some of the most vulnerable tenants from unaffordable costs,” he explained. Adolfo Carrión Jr, commissioner of the Department of Housing and Preservation Development (HPD).
The rent regulation system has been in place for decades, to protect hundreds of people from the accelerated rise of the market.
Evictions and affordability
In this first quarter of 2024, if something defines the Big Apple It is a housing tragedywith rising evictions, record homelessness and a near-zero supply of affordable housing.
The most recent vacant housing survey estimates the lowest housing availability recorded since the 1960s. Nearly 90% of low-income households are severely rent burdened, That is to say, almost all of their income goes to paying the rent.
“Low-income and working-class New Yorkers are leaving in record numbers. The ability of New Yorkers to pay for their homes must be increased to be able to stay and contribute to economic vitality,” said Bronx Councilwoman Pierina Sánchez, one of the sponsors of this legislation.
In this sense, Mayor Adams asked the government and state legislators to “say yes” to the flexibility plans to offer and build more than 13,000 affordable homes, in spaces that are not permitted by cumbersome zoning regulations.
Stabilized rents increase
Rent stabilization generally applies to buildings with at least six units being built before 1974, where an apartment was rented after June 1971. Also includes newer buildings that receive tax breaks because they have units that rent at a lower than market rate.
Each year, the Rent Guidelines Board approves the percentages by which landlords can legally increase rent.The rents of the stabilized units.
This board, which regulates the rents of approximately one million homes, approved increases in one-year leases by 3% in 2023, and in two-year leases by 2.75% for the first year and 3.2% for the second year.
This followed increases in one-year leases of 3.25% and two-year leases of 5 percent the previous year, the highest numbers in almost a decade.
It’s an emergency:
- The vacancy rate of rental units fell 4.54%, in the last two years which highlights a deep shortage of housing available for rent.
- 60,000 housing units They joined the market in the last two years, yet the supply has not yet managed to meet the demands of the city’s new 275,000 homes.
- 3.39% is the vacancy rate of the most expensive homes, located in luxury buildings.
- 1% are vacant apartments They rent for around $2,400.
- 86% of households earning less than $50,000 without rental assistance are struggling with the heavy burden of paying more than 30% of their income on rent.
- 86% of families who earn less than $25,000without rental assistance, spend well over half of their income on rent.
Source: 2023 NYC Housing Vacancy Survey
2024-03-31 07:23:00
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