FOR IMMEDIATE RELEASE
March 29, 2006
MAYOR BLOOMBERG SIGNS LEGISLATION EXTENDING RENT STABILIZATION LAW
Remarks by Mayor Michael R. Bloomberg at a Public Hearing on Local Laws
"The bill before me today is Introductory Number 118, sponsored by Council Members Mendez, Dilan,, Sears, Comrie, Gennaro, Garodnick, Lappin, Palma, Foster, Liu, Avella, Martinez, Weprin, Vacca, Vann, Katz, Clarke, Mark- Viverito, Brewer, Monserrate, Dickens, Koppell, Gentile, Nelson, Seabrook, Sanders, Addabbo, Fidler, Gonzalez, Jackson, Yassky, Baez, White, Arroyo, Reyna, Speaker Quinn and the Public Advocate Gotbaum. This bill extends the existing Rent Stabilization Law from April 1, 2006 to April 1, 2009 based upon the finding that a public emergency continues to exist in the rental housing market of New York City.
"In order to extend the Rent Stabilization Law, the City is required to determine that a housing emergency continues to exist. The 2005 Housing and Vacancy Survey, conducted by the United States Census Bureau and the New York City Department of Housing Preservation and Development, determined that the City's vacancy rate was 3.09%. This is below the 5% rate at which the law requires that rent regulation be discontinued.
"The Rent Stabilization Law has been extended in three year increments since 1979 and requires owners of properties with six or more rental units to abide by the annual rent increase set by the Rent Guidelines Board.
"I would like to thank the Department of Housing Preservation and Development and the Council for their work on this bill."
Stu Loeser / Jordan Barowitz (212) 788-2958
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