Res 0331-2018

By Council Members Cornegy, Chin, Rosenthal, Torres, Williams, Perkins, Rivera, Kallos, Constantinides, Ayala and Koslowitz Whereas, The affordable housing emergency that led to the enactment of the rent regulation laws continues to exist in New York City; and Whereas, The latest Housing and Vacancy Survey (HVS) conducted by the United States Bureau of the Census reveals a vacancy rate of only 3.65 percent in New York City; and Whereas, The HVS also identified 966,000 rent-stabilized units and 21,751 rent control units, which together comprise roughly 45 percent of New York City's housing stock; and Whereas, Vacancy decontrol is the process by which a property owner removes a rent-regulated unit from the regulatory system when the permitted rent of the vacant unit increases above $2,700 a month; and Whereas, The New York City Rent Guidelines Board stated that about 152,147 rent stabilized and rent control units have been deregulated due to vacancy decontrol since 1994; and Whereas, This practice has greatly exacerbated the City's severe lack of affordable housing by taking thousands of affordable units off the market; and Whereas, The lack of affordable housing creates a financial hardship because many households are paying at or over 30% of their income towards rent; and Whereas, This financial hardship has forced many tenants to relocate, live in substandard housing conditions or become unable to keep up with living expenses; and Whereas, S.3482, introduced by State Senator Stewart Cousins and pending in the New York State Senate, and companion bill A.433, introduced by Assembly Member Linda Rosenthal and pending in the New York State Assembly, would repeal vacancy decontrol; and Whereas, This bill is necessary to preserve New York City's affordable housing for future generations; now, therefore, be it Resolved, That the Council of the City of New York calls upon the New York State Legislature to pass, and the Governor to sign, S.3482/A.433, in relation to repealing vacancy decontrol. JLC LS 5593 4/25/18- 11:33am