Wednesday, July 6, 2022

NYC faces housing crisis, rent stabilization law extended

New York CityrentThe rent stabilization law will expire on July 1, and the city council passed a bill on the 16th, confirming that New York City is facing a housing crisis that still requires rent controls on rent-stabilized apartments. is, thus the extension of New York City rent stabilization legislation.

New York City is the state’s largest rental market, with rent-steady and rent-controlled apartments accounting for nearly half of New York City’s rental market; Data show that New York City’s rents in May increased by 38% compared to the same period last year. Year, replacing San Francisco as the country fare. highest city; The current average rent for a one-bedroom apartment in New York City is 3,590 yuan, and the median rent in Manhattan has exceeded 4,000 yuan, a 25% increase compared to the same period last year, and the proportion of pending rentals is 70. % has declined.

City Councilman Pierina Sanchez introduced a resolution that stipulates that the housing crisis in New York City continues after the end of the rent stabilization law on July 1; The deadline has been extended to April 1, 2024. The city council regularly evaluates New York City’s housing market for bills. If the listing rate of the New York City rental market does not exceed 5%, it is determined that the housing crisis is still ongoing, and rent stabilization legislation should continue to expand. The data comes from the New York City Housing and Vacancy Survey, which is conducted every three years.

The latest survey released last year by the city’s Home Preservation and Development Authority (HPD) found that the net vacancy rate in New York City’s rental market was 4.54 percent, below the 5 percent threshold.

Sanchez said the city council carefully assessed the results of the city’s housing and vacancy survey last month and found that residents must earn at least $110,000 a year to qualify for the city’s median rent; City Speaker Adrienne Adams said, safe, stable and affordable housing has been the biggest challenge citizens are facing, saying, “The expansion of rent stabilization laws will protect citizens living in rent-stable apartments, who are stillEpidemicfacing the resulting crisis. ,

In addition, the city council passed another bill requiring the city’s Department of Homeless Services and the Human Resources Administration to track and report data on the city’s rent assistance programs to identify such programs. influence.

The city council passed a bill on the 16th that determined New York City was facing a housing crisis and decided to expand New York City’s rent stabilization law. (Provided by City Council)

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