Nine Facts New Yorkers Should Know About Rent Regulation
Since 1993 New York City's rent regulations have moved toward deregulation. However, there is a possibility that the direction may be changed. In early 2009, the New York State Assembly passed legislation that includes sweeping proposals such as the elimination of high-rent vacancy decontrol and the re-control of most apartments that were deregulated under this provision. The current deep economic recession is viewed by some as a reason to seek protections for more tenants, and by others as an opportunity to lift regulations without fear that market forces will result in burdensome rent increases. Regardless of what may happen in the current legislative session, the state enabling legislation for rent regulation is due to expire in 2011.
Given the legislative interest in rent regulation and its importance to the city's housing market and property tax base, the Citizens Budget Commission (CBC) has begun an analysis of rent regulation in New York City, which includes rent control and rent stabilization. The nine facts that follow are intended to provide baseline information about rent-regulations housing and are the beginning of a more in-depth analysis in anticipation of the discussion that will take place as the 2011 expiration approaches.