Adams signs bill effectively extending rent stabilization through July
New York City Mayor Eric Adams on Wednesday signed Intro 70 into law, effectively extending rent stabilization in the city until July.
In particular, he extended the deadline for the city’s Housing and Vacancy Survey, which needs to be done every three years to comply with rent stabilization laws.
The information collected by the survey is taken into account when the state Legislature, again every three years, decides to keep or jettison rent stabilization. Rent stabilization hearings are usually characterized by impassioned, back-and-forth arguments from landlords and tenants alike.
The City Council bill was sponsored by Housing and Buildings Committee Chair Pierina Sanchez (D-Bronx).
“I am pleased that my first bill signing and hearing is one that gets stuff done for New York City renters and working people,” 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 time needed for the city to make an informed decision on the extension of rent stabilization.”
“The Housing and Vacancy Survey is a critical tool in tracking our housing stock and understanding the realities on the ground for New Yorkers trying to find an affordable home for their families,” said New York City Chief Housing Officer Jessica Katz. “I am grateful to Councilmember Sanchez 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 against a short deadline when vital rent-stabilized units are on the line.”
“For more than 50 years, the New York City Housing and Vacancy Survey has been the most reliable source of information on the city’s vacancy rate, the supply and condition of housing, and the continued need for rent regulation. In light of the pandemic’s effect on New York City tenants, collecting thorough citywide data is more important than ever,” said New York City Department of Housing Preservation and Development Commissioner Adolfo Carrión Jr.
The survey that was scheduled for 2020 was postponed initially due to the 2021 U.S. Census, and then again due to the COVID-19 pandemic. Per New York state law, the city’s rent stabilization law is triggered by a “housing emergency,” which is in effect when the city’s rental vacancy rate — as measured by the HVS — is below 5 percent.
Leave a Comment
Leave a Comment