Real Estate

City Extending Rent Regulations for at Least 3 More Years

Via City Room: “Mayor Michael R. Bloomberg signed a bill on Monday that extended the city’s participation in rent regulation for another three years by redeclaring a state of housing emergency, even as a challenge to rent regulation laws looms in the United States Supreme Court. ‘The Department of Housing Preservation and Development reports the…

by Gabby
03/27/2012 2

Via City Room: “Mayor Michael R. Bloomberg signed a bill on Monday that extended the city’s participation in rent regulation for another three years by redeclaring a state of housing emergency, even as a challenge to rent regulation laws looms in the United States Supreme Court. ‘The Department of Housing Preservation and Development reports the vacancy rate in rental apartments to be at 3.12 percent, Mr. Bloomberg said at the bill-signing ceremony. That, he continued, is ‘well below the 5 percent rate at which the law requires that rent regulation be discontinued.’ The city has had a vacancy rate of less than 5 percent since the department began keeping track more than 40 years ago, which means it has been in a state of housing emergency for all that time. But critics of rent regulation argue that an emergency by definition must be temporary.”

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