CBC Findings on Rent Regulation
There has been growing talk in Albany of expansion of rent regulation and, in that context, we draw to your attention a CBC report titled “Rent Regulation: Beyond the Rhetoric”. The report found that current rent regulation in New York City is poorly targeted and not effective in providing affordable housing for many low-income households.
In fact, the highest-income households receive the largest average benefit, a discount about one-third greater than that for moderate-income households. Only about 60 percent of benefits accrue to households with incomes below $50,000, and 14 percent go to households with incomes of $100,000 or more. Moreover, the benefits are greatest for households in Manhattan, whose average discount is more than four times that of households in the Bronx.
CBC recommends that the Legislature retain benefits now available to low- and moderate-income households, but phase out benefits for higher-income households.The full report – complete with additional findings and specific recommendations – should be seriously considered in any rent regulation reform initiatives.