Tomorrow, the New York City Council's Committee on Housing and Buildings, Chaired by Council Member Jumaane D. Williams (D-Brooklyn), Deputy Leader, will hold a hearing to consider a number of bills and resolutions to address an urgent matter that affects all residents in the City of New York - the renewal and strengthening of New York's rent laws. The Committee expects to receive testimony from representatives of the Department of Housing reservation and Development (HPD), housing advocates, building owners, legal service providers, and other interested members of the public.
Under State law, the rent regulation system will expire in June 2015, unless the City conducts a housing vacancy survey and finds that there is still a housing shortage, defined as a less than 5% vacancy rate. In addition to conducting the survey, the Council must pass a resolution, finding that, because there is still a housing shortage, there continues to be a need for rent regulation.
HPD recently published the results of the 2014 Housing and Vacancy Survey (HVS). The current HVS indicates a citywide rental vacancy rate of 3.45%. According to the HVS, there were approximately 75,000 vacant available rental units in New York City as of the survey period, an increase of approximately 7,000 units since 2011. The Survey also found that the median contract rent, including utility payments, increased by 4.3 percent from $1,100 in 2011 to $1,325 in 2014.
The hearing will focus on several pieces of legislation, including Res No. 597 sponsored by Council Member Williams, Corey Johnson and Helen Rosenthal, a Resolution determining that a public emergency requiring rent control in the City of New York continues to exist and will continue to exist on and after April 1, 2015; Int. No. 685 sponsored by Council Member Johnson, Williams and Rosenthal, a Local Law to amend the administrative code of the city of New York, in relation to extending the rent stabilization laws; Proposed Res. No. 86-A sponsored by Council Members Williams, Arroyo, Johnson, Mendez, and Rosenthal, a Resolution calling upon the New York State Legislature to create a review process for Individual Apartment Improvement rent increases and make such increases a temporary surcharge rather than a permanent rent increase; Proposed Res. No. 596-A sponsored by Council Member Williams, a Resolution calling upon the New York State Legislature to approve, A.1865, in relation to repealing vacancy decontrol; and other Preconsidered Resolutions.
WHO: Council Member Jumaane D. Williams; members of the Council's Housing and Buildings Committee; those testifying, including members of the Administration, elected officials, members of the real estate industry, and other interested members of the public.
WHAT: Council Hearing on the Renewal & Strengthening of New York City's Rent Regulation Laws
WHERE: Chambers of City Hall
WHEN: Monday, March 2, 2015, 10:00 AM
