"The first of two bills before me today is Introductory Number 923, sponsored at the request of the Administration by Speaker Quinn and Council Members Gonzalez, Brewer, Dickens, Fidler, Garodnick, Gerson, Jackson, James, Koppell, Liu, Mealy, Nelson, Palma, Recchia, Sears, Weprin, White, Lappin, Mendez, Baez, Vann, Avella, Dilan, Martinez, Comrie, Vacca, Reyna, Eugene and Gennaro.  Introductory Number 923 extends the rent stabilization laws from April 1, 2009 to April 1, 2012 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 exists.  The 2008 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 2.88 percent.  This is below the 5 percent 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 Department of Housing Preservation and Development Commissioner Rafael Cestero and his staff for their work on this bill.  I would also like to thank the Council for approving this legislation."