July 28, 2014
Rents have become increasingly unaffordable in New York City. NYC has been in a housing crisis for decades. A housing crisis, defined as under 5 percent vacancy rate, in NYC triggers an elaborate system of rent regulation.
Rent regulation is not a subsidy program, but a system in which rents are regulated and determined by an appointed Rent Guidelines Board. Under rent regulation, tenants receive a guaranteed lease renewal and can compel landlords to provide essential services, such as water, heat, and repairs.
Unlike public and subsidized housing, rent regulation costs the city, state, and federal government almost nothing to operate, beyond a small regulatory apparatus. Rent regulation is a virtually no-cost affordable housing strategy that houses millions of low- and moderate-income tenants in nearly 1 million rental units citywide. …MORE