Mayor Bill de Blasio. Image Credit: Benjamin Kanter/Mayoral Photo Office.
Due to City’s low vacancy rate, rent stabilization laws have been extended. On March 27, 2018, Mayor Bill de Blasio signed legislation to extend rent regulation laws for the next three years. The laws will remain in effect until April 1, 2021. State rent stabilization laws continue to be effective when the vacancy rate is below 5%. The City’s vacancy rates are determined and measured by the Housing and Vacancy Survey, which is conducted every three years. According to the 2017 Housing and Vacancy Survey, New York City has a 3.63% vacancy rate. Mayor de Blasio’s legislation affirms that New York City is in a housing crisis. The legislation demonstrates to Albany that the City is in need of the State’s rent stabilization laws.
The de Blasio administration also has plans to retain the stock of rent-stabilized apartments, ensure current tenants are secure in their homes, and protect the benefits of rent stabilization for future tenants. To meet these goals, the administration plans to eliminate the deregulation of vacant apartments where currently, a vacant apartment with a monthly rent of $2,733.75 can be deregulated, eliminate the 20% increase in monthly rent when tenants vacate an apartment, and calls for limits on how landlords can use permanent rent increases for building-wide or individual apartments.
In response to these plans, Mayor de Blasio affirms his commitment to producing more affordable housing for the City and to protect tenants from illegal harassment by landlords. Housing Preservation and Development Commissioner Maria Torres-Springer states that extending the rent regulation laws are “so critical to protecting [the City’s] residents.” City Council Speaker Corey Johnson also share the same sentiments noting that the survey results “show that it is necessary for the City to extend rent regulation” and notes that the City will continue to work on legislation to protect tenants and to increase accessibility to affordable housing.
Click here to read New York City Housing Preservation and Development’s Press Release and here for the results of HPD’s 2017 Housing and Vacancy Survey.
By: May Vutrapongvatana (May is a CityLaw Intern and a New York Law School Student, Class of 2019.)