NEW YORK CITY -- Mayor Eric Adams signed a law Wednesday impacting rent-stabilized apartments in New York City.
"I am pleased that my first bill signing and hearing is one that gets stuff done for New York City renters and working people," said Mayor Adams. "Too many New Yorkers are struggling to keep a roof over their heads and put food on the table, and this bill provides the time needed for the city to make an informed decision on the extension of rent stabilization."
The new law allows rent stabilization to continue as deadline for the Housing and Vacancy Survey is moved from April 1 to July 1.
"The Housing and Vacancy Study is a critical tool in tracking our housing stock and understanding the realities on the ground for New Yorkers trying to find an affordable home for their families," said New York City Chief Housing Officer Jessica Katz. "I am grateful to Councilmember Sanchez for understanding how important it is for the city to have adequate time to accurately assess the state of our housing market. We cannot rush a review against a short deadline when vital rent stabilized units are on the line. This bill will let us do our job right."
According to state law in order to keep it in effect, the vacancy rate of apartments has to be less than 5% in the city.
There are more than one million rent-stabilized apartments in the city.
New York City's most recent Housing and Vacancy Survey data from 2017 indicated a 3.63% vacancy rate and resulted in a 2018 determination of an ongoing housing emergency.
The next survey, scheduled for 2020, was postponed to 2021 due to the Census, extending the housing shortage determination period until April 1, 2022, and now July 1.
The COVID-19 pandemic created additional delays for the survey, leading Governor Kathy Hochul to amend the Local Emergency Housing Rent Control Act and authorize another extension of three months to determine whether the housing emergency is ongoing.
"The pandemic is still impacting New York City on multiple fronts, including exacerbating the housing affordability crisis that pre-dated the arrival of COVID," said New York City Council Speaker Adrienne Adams. "Extending the period of determination for our City's housing emergency will allow tenants to remain protected under rent stabilization laws for additional time. I thank Council Member Sanchez for her leadership on this important legislation."